E-mini S&P and NQ Futures Eye Stability Ahead of Fed Policy Meeting
E-mini S&P (March) / E-mini NQ (March)
S&P, last week’s close: Settled at 5640.00, up 112.50 on Friday and down 136.00 on the week
NQ, last week’s close: Settled at 19,712.00, up 463.00 on Friday and down 517.75 on the week
E-mini S&P and E-mini NQ futures closed above the prior day’s session high for the first time since the selloff began. It was another strong finish to the week, but Mondays have been difficult, and selling has come in as soon as the opening bell rings. Can we break another trend?
Retail Sales for February was released this morning and Core was in line with expectations at +0.3%, bringing some calm, but headline missed widely at +0.2% versus +0.6% expected, and January was revised lower across the board. Additionally, fresh NY Empire State Manufacturing for March was awful at -20.00 versus -1.90 expected, and the worst since last March. Maybe there is some seasonality here as January also slumped largely this year and last, while February helped balance the two months.
E-mini S&P and E-mini NQ futures back-tested Friday’s early morning choppy, high-volume trading range. This confirms supports we have detailed in our levels below and provides a wide range defined with resistance tested into the late Friday push higher. What matters is that we see constructive and continued price action above our Pivot and point of balance in the E-mini S&P at 5623 and E-mini NQ at 19,620. If such groundwork is laid, we do see an increased likelihood of a reversion to the mean ahead of the Fed’s policy meeting on Wednesday, targeting rare major four-star resistance in the E-mini S&P at…
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