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E-mini S&P (March) / E-mini NQ (March)
S&P, yesterday’s close: Settled at 5680.25, up 40.25
NQ, yesterday’s close: Settled at 19,831.75, 119.75
It is true that we typically highlight the new contract’s levels on Tuesday of roll week. However, given current market conditions and positioning within Blue Creek Capital Management, our Commodity Trading Advisor strategy, we are still focused on March at the moment. Volume and Open Interest are still substantial for March E-mini S&P and actually still favor March E-mini NQ.
Yesterday’s rally marks back-to-back gains for E-mini S&P and E-mini NQ futures, the first of such since the sell-off began. The rebound leads into tomorrow’s Federal Reserve policy decision, but first, Jensen Huang, the NVDA CEO, delivers a keynote speech at the company’s GTC event at noon CT.
Within the path we noted here yesterday morning, E-mini S&P and E-mini NQ futures held our Pivot and point of balance through the opening hour, in the E-mini S&P at 5623 and E-mini NQ at 19,620, and set the stage for yesterday’s rally. Our Pivot and point of balance today comes in at 5764 in the E-mini S&P and 19,703-19,770 in the E-mini NQ. Given the early softness, a constructive response to these areas will act the same as yesterday and continue to stoke 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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