Will Bullish Momentum Hold for E-mini-S&P and NQ Futures?
E-mini S&P and E-mini NQ futures roared higher after Core CPI came in lower than expected. Inflation fears have eroded, and Fed rate cut expectations are picking up. Retail Sales, Initial Jobless Claims, and Philly Fed Manufacturing are next at 7:30 am CT.
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E-mini S&P (March) / E-mini NQ (March)
S&P, yesterday’s close: Settled at 5989.00, up 106.75
NQ, yesterday’s close: Settled at 21,400.25, up 480.75
Yesterday was gangbusters, E-mini S&P and E-mini NQ futures roared higher and closed above last Friday’s high after Core CPI came in lower than expected. Inflation fears have eroded this week and Fed rate cut expectations have picked up with a 25bps cut in March now priced at a 25% probability according to the CME FedWatch Tool. Now the focus shifts to Retail Sales, weekly Initial Jobless Claims, and Philly Fed Manufacturing, all due at 7:30 am CT.
E-mini S&P and E-mini NQ futures stuck their nose above trend line resistance dating back to mid-December in the E-mini S&P and the all-time highs in the E-mini NQ. A strong close for the week that clears these hurdles will be critical and stoking higher prices. We have updated all resistances in our levels section below. At the same time, with two trading days left in the week, a little consolidation and backfill does not hurt the bullish thesis as long as it remains constructive. At a bare minimum, we must not see major three-star support in the E-mini S&P taken out at…
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