Chasing Records: S&P Eyes Breakout as Markets Rebound​

E-mini S&P (March) / E-mini NQ (March)

S&P, yesterday’s close: Settled at 6136.50, down 26.50

NQ, yesterday’s close: Settled at 22,141.75, down 108.75

E-mini S&P and E-mini NQ futures slipped on the opening bell yesterday morning, bottomed out in the first half of the day and attempted to erase a bulk of those losses into close, finishing about 0.5% and 1% off the low, respectively. Momentum names and financials led the way lower along with consumer cyclicals, tied to WMT’s soft guidance and the cruise tax comments. Still, NVDA, AAPL, and finished in positive territory, while the S&P was also buoyed by healthcare and energy. A strong finish to the week will leave another swift, albeit lighter, selloff in the rear-view mirror as the marker focuses on fresh record highs to finish out February.

Flash PMIs for February are due at 8:45 am CT and final February data for the politically divided Michigan survey is due at 9:00 am CT.

The line in the sane remains rare major four resistance in the E-mini S&P at 6154-6167 and a decisive close above here likely opens the door to fresh record highs which marks the last chip to fall in the S&P’s breakout, along with SPY and SPX. Yesterday’s weakness certainly reaffirms support levels, updated and detailed below. However, given the firm tape, as today unfolds we will be watching our Pivot and point of balance most closely; continued price action in the E-mini S&P at and above…