Is Microsoft undervalued? Bill Baruch joins the desk to talk about Microsoft and recent portfolio moves.
E-mini S&P (December) / E-mini NQ (December)
S&P, yesterday’s close: Settled at 5849.00, up 11.25
NQ, yesterday’s close: Settled at 20,380.25, up 159.75
This week can be characterized by higher rates and exhaustion across indices. The former certainly stoked the latter, but we view both moves as a healthy reprieve setting the stage for a jam-packed economic calendar next week and the U.S. Presidential Election the week after.
Durable Goods Orders for September came in stronger than expected this morning at -0.8% m/m versus -1.1%, but August was revised significantly from flat to -0.8%. Also, Core Retail Sales in Canada was very weak at -0.7% m/m +0.3%, and a storyline that could contain the moves in rates. The Final Michigan Consumer data slate for October is due at 9:00 am CT.
E-mini S&P futures battled against a critical area of support at 5821.50-5827.25 in the first half of yesterday’s session before finishing on firm footing. The dip merely allowed the E-mini NQ to cover its gap close from Wednesday. But, only merely, as TSLA’s +22% day helped lead the E-mini NQ’s outperformance and the Consumer Discretionary sector, which not only was the only sector to gain at least 0.25%, but notched an amazing +3.24%.
Bullish momentum is carrying into today’s opening bell. The E-mini S&P is chewing through key resistance at 5862.75-5865, and the E-mini NQ is clearing major three-star resistance at 20,457-20,485. While there is strong resistance above there, detailed in our levels below, we have reintroduced our more Bullish Bias, and view continued price action out above our momentum indicators, which align with our Pivot and point of balance as favoring the bull case, at…
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