Tactical Rotations & Big Moves in Industrials
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E-mini S&P (March) / E-mini NQ (March)
S&P, yesterday’s close: Settled at 6152.00, 31.50
NQ, yesterday’s close: Settled at 22,038.25, up 37.75
E-mini S&P and E-mini NQ futures snapped back from a dull morning after pro-cyclical comments from President Trump during a video call addressing the World Economic Forum in Davos. The tailwind carried into a the close when SPY and SPX set a fresh record high. However, the E-mini S&P still has about 0.5% before matching the achievement. Regardless, a strong close today is needed to confirm a tremendous week in markets.
Flash PMI data from the U.S. for January is due at 8:45 am CT and final January Michigan Consumer data is due at 9:00 am CT.
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Yesterday, we said:
“While we do not see the bull case derailed, we must acknowledge the speed of the move this week and the upside targets achieved. Therefore, we have reduced our bullish Biases, as noted below. On Tuesday, the E-mini S&P cleared the December 26th gap at 6095.25, and yesterday tested major three-star resistance at 6136.25-6137.75 before retreating into the close. As noted above, the E-mini NQ’s achievement, but the soft close. That 6095.25 level in the E-mini S&P is now a critical area of support on a closing basis, and our Pivot and point of balance comes in at 6113.25. In the most constructive environment, the bulls respond here, but have room to test major three-star support at 6084.25-6087.25 and that in the E-mini NQ at 21,697-21,744.”
This playbook worked out perfectly, the bulls defended support and price action firmed all session. While it is notable the E-mini S&P is testing into rare major four-star resistance, defined in our levels below, previous resistance is now support and we see the case for new all-time highs in E-mini S&P futures as long as price action holds out above
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