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E-mini S&P (March) / E-mini NQ (March)
S&P, yesterday’s close: Settled at 6154.00, up 28.25
NQ, yesterday’s close: Settled at 22,408.00, up 326
E-mini NQ futures kept the rally going with a monster session of +1.5% to start the week. Tech dragged the E-mini S&P to a +0.5% start to the week. Consumer Discretionary was the best performing sector +1.7% due to TSLA and AMZN, with Communications just behind at +1.3% due to GOOG, and then Information Technology +1%. Although the biggest sessions in IT came from AVGO, MU, and CRWD, the breadth was again poor with NVDA -1.7%. Industrials eked out a gain due to names like HON and BA, but the E-mini Dow lost ground for the ninth straight day, shedding -0.5%.
Hot wage data on the U.K. Employment Report early this morning has continued to stoke yields with the U.S. 10-year hitting a high of 4.42%, the highest since November 18th. This is shaping up to be the its seventh day of gains if U.S. Retail Sales doesn’t derail the momentum. The November report is due at 7:30 am CT. UPDATE: headline Retail Sales was hot at +0.7% m/m versus +0.6% expected and Core Retails Sales was light at +0.2% versus +0.4%, however, October was revised 10bps higher for both.
All levels below are updated for the new front month March contract. With tomorrow’s Fed meeting in focus, a consolidation could be in order. We have held a more Bullish Bias, and have Neutralized that a bit given such. E-mini S&P and E-mini NQ futures peeled off from yesterday’s best levels just ahead of the close. This l ed to a slight bleed lower overnight and allowed our momentum indicators to catch up to the tape, brining our Pivot and point of balance to….
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