Market Volatility Rises as Tariffs, Economic Data, and Earnings Take Center Stage
E-mini S&P (March) / E-mini NQ (March)
S&P, last week’s close: Settled at 6067.25, down 32.00 on Friday and 66.00 on the week
NQ, last week’s close: Settled at 21,589.25, down 35.50 on Friday and 322.00 on the week
President Trump has clearly telegraphed a February 1st implementation of 25% tariffs on Canada and Mexico, yet markets opened Sunday night like this was new news. He imposed 10% on energy products from Canada, 10% on goods from China, and signaled the EU is next. I will not dive into the intricacies of tariffs here this morning and the potential global realignment as I am still on vacation with the family. However, what is more important is how one navigates such moves. Our game plan at our CTA Blue Creek Capital Management is to position smaller and nimbler, planning to monetize moves when you can. This will allow one to be ready to reload as fresh comments are made, policies are announced, and volatility ensues. Remember, it is okay to be wrong, but not okay to stay wrong; many opportunities will present themselves in the coming days, weeks, and months.
Outside of tariffs and geopolitical policy, this week brings the heat on the data front. The final SPGI Manufacturing PMI for January is due at 8:45 a.m. CT, and the more closely watched ISM Manufacturing report follows at 9:00 a.m. CT. Alphabet reports earnings tomorrow, Amazon reports Thursday, and the week culminates with Nonfarm Payroll Friday.
As for levels, undoubtedly, our big major three-star support in the E-mini S&P is back in play as a line in the sand that held overnight at 5943.75-5948. We have coordinated levels highlighted in the E-mini NQ section below. What the bulls must do is clear our first wave of major three-star resistance at 5989.50-5996.75, but the work is cut out for us as the week evolves in order to neutralize this selling as rare major four-star resistance lurks at
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