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

S&P, yesterday’s close: Settled at 5970.00, down 0.75

NQ, yesterday’s close: Settled at 21,187.00, up 38.00

E-mini S&P and E-mini NQ futures are trying to cling to gains ahead of the opening bell amid a deluge of news. NVDA topped earnings expectations yesterday, helping to lift things overnight, but margins and Blackwell timing watered down the reaction. The first revision of Q4 GDP was in line with expectations at 2.3%, but the Price Index was higher at 2.4% versus 2.2%, as was Core PCE Prices for Q4 at 2.7% versus 2.5%. Additionally, Initial Jobless Claims came in higher at 242k versus 222k expected.

President Trump then posted on Truth Social that tariffs on Mexico and Canada are on for March 4^th, along with the additional 10% on China. He cited, “Drugs are still pouring into our Country from Mexico and Canada at very high and unacceptable levels.”

Yesterday’s midday failure was certainly a disappointment, but on the positive side, that midday high and ensuring low were each higher than that from the prior session; the market is building out a solid market profile of support. Given early buoyancy we must see construction at and above our Pivot and point of balance detailed in the levels below. From there, we must see a range extension to the upside in order to set the stage for a strong finish to the week, this starts with clearing major three-star resistance in the E-mini at…

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