E-mini S&P (December) / E-mini NQ (December)
S&P, yesterday’s close: Settled at 5852.00, down 19.00
NQ, yesterday’s close: Settled at 20,534.75, down 161.75
It is the final session of October, and the week is heating up. The reaction to data has so far been muted, but earnings have frightened markets. Yesterday, after the bell, META and MSFT topped estimates, but both are lower and dragging markets; META’s capex spooked the tape, and cloud guidance from MSFT on the call buried early gains. Of note, UBER is sharply lower this morning Q3 bookings. All eyes will be on Apple and Amazon after the bell.
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On the economic calendar, Core PCE, the Fed’s preferred inflation indicator, came in a touch higher than expected for September at +2.7% y/y versus 2.6%, but unchanged from August. The month-over-month read was in line at +0.3% m/m, although August was revised from +0.1% to +0.2%, creating a higher base comparison. The look on Personal Income was in line with expectations, but Personal Spending did come in higher at +0.5% versus +0.4% m/m, despite August being revised from +0.2% to +0.3%. Initial Jobless Claims beat expectations at 216k versus 229k. Chicago PMI is due at 8:45 am CT, and Atlanta Fed GDPNow is updated at 10:30 am CT. Traders then brace for Nonfarm Payroll and a slate of Manufacturing data tomorrow.
E-mini S&P and E-mini NQ futures are trading into critical areas of support. Continued price action below our Pivot and point of balance at 5827 in the E-mini S&P and 20,376-20,389 in the E-mini NQ will leave the tape heavy. Regardless, it comes down to the bulls and whether or not the can respond to rare major four-star support at….
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