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E-mini S&P (December) / E-mini NQ (December)
S&P, yesterday’s close: Settled at 6737.00, down 36.25
NQ, yesterday’s close: Settled at 25,039.25, down 255.50
It was a wild session yesterday. After a soft start, E-mini S&P and E-mini NQ futures were slammed on reports that the Trump administration is considering restrictions on globally produced exports to China that contain U.S. software, among other curbs. The indices pared about half the losses ahead of the close, but the news cycle was not done. The U.S. Treasury announced sanctions on Russian Oil giants Rosneft and Lukoil. Removing this type of supply has lifted Crude Oil by 5% and underpinned a broad commodity rally overnight. Those who ignore the sanctions and continue to import discounted Russian oil will face secondary penalties, such as being cut off from the Western banking system. China and India will be hardest hit, underscoring the de-dollarization story, a major tailwind for Gold this year.
On the earnings front, TSLA and IBM are lower by 3% and 7%, respectively, after reports yesterday evening. TMUS, HON, BX, FCX, and UNP report this morning. INTC and NEM report after the bell.
E-mini S&P and E-mini NQ futures have recovered the last leg lower, the breakdown point from when the possible China restrictions were being reported. But on that point, we must acknowledge that the early morning weakness was likely due to the story being known within some inner circles. Previous support does come in as resistance, 6748.50-6754.75 in the E-mini S&P and 25,161-25,185 in the E-mini NQ. Buyers must get above here and furthermore, 6759.25-6762.25 in the E-mini S&P in order to neutralize yesterday’s wave lower. To the downside, we must see a favorable trade at and around our Pivot and point of balance in the E-mini S&P in order to show stability, with this pocket coming in at…
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