Nvidia’s Big Test, CrowdStrike Under Pressure, Micron’s AI Growth & Banks Position for What’s Next?

E-mini S&P (September) / E-mini NQ (September)

S&P, yesterday’s close: Settle at 6496.00, up 13.50

NQ, yesterday’s close: Settled at 23,628.75, up 37.25

NVDA beat earnings estimates and topped guidance. Given the high bar, the stock initially slipped by -3%, as Data Center revenues were light and whisper expectations were even higher. However, during the call, it was noted that the guidance did not include any H20 revenues from China, meaning the $54 billion revenue guidance for the current quarter can increase by $2 to $5 billion.

The first revision of Q2 GDP came in stronger than expected at 3.3%, versus 3.0%, and PCE Prices were revised lower for the quarter to 2.0% from 2.1%. Initial Jobless Claims were better at 229k, versus 231k expected. Fed Governor Waller, the frontrunner to replace Fed Chair Powell, speaks at 3:00 pm CT. Core PCE, the Fed’s preferred inflation indicator, is due tomorrow at 7:30 am CT.

E-mini S&P futures are testing the August 15th record high of 6508.75 with a spike to 6505.50 on NVDA’s earnings release and trading 6506.75 overnight. E-mini NQ futures spiked above major three-star resistance aligning with last Friday’s high at 23,616-23,650, but still within that range. The reception of these levels will be crucial through the first hour. Furthermore, holding above our Pivot and point of balance will be favorable for that test. To the downside, we have major three-star support at..

Want to keep up with the market? 

Subscribe to our daily Morning Express for essential insights into stocks and equities, including the S&P 500, NASDAQ, and more. Get expert technical analysis, proprietary trading levels, and actionable market bias delivered straight to your inbox.

SIGN UP FOR 2-WEEKS OF FREE RESEARCH

Futures trading involves substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.

Blue Line Futures is a member of NFA and is subject to NFA’s regulatory oversight and examinations. However, you should be aware that the NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians or markets. Therefore, carefully consider whether such trading is suitable for you considering your financial condition.

With Cyber-attacks on the rise, attacking firms in the healthcare, financial, energy and other state and global sectors, Blue Line Futures wants you to be safe! Blue Line Futures will never contact you via a third party application. Blue Line Futures employees use only firm authorized email addresses and phone numbers. If you are contacted by any person and want to confirm identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500

Performance Disclaimer

Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.

One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.