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E-mini S&P (March) / E-mini NQ (March)
S&P, yesterday’s close: Settled at 7016.50, up 11.50
NQ, yesterday’s close: Settled at 25,965.75, up 18.50
The markets spoke, shrugging off the criminal probe of Fed Chair Powell and geopolitical fears on the opening bell yesterday morning. E-mini S&P futures traded to and settled at a fresh record high ahead of today’s pivotal inflation report. The rally was not concentrated in any one sector, but was led by staples and industrials, with help from names like AVGO, ORCL, AMD, GOOG, LLY, and JNJ. The E-mini Dow even edged out a gain despite financials struggling, down 0.8% after President Trump proposed a 10% credit card rate cap.
Today’s December CPI report is expected to be +0.3% m/m and +2.7% y/y for both headline and Core.
A big, beautiful breakout is building, but it must be confirmed on a weekly basis. E-mini S&P futures hit a new high of 7025.25 and settled right at Friday’s high at 7017.50. Although the E-mini NQ briefly cleared major four-star resistance aligning with the December 11th gap settlement from before AVGO earnings, it could not close above the critical mark. Today’s action will be driven by inflation; a slower-than-expected rise in inflation will likely knee-jerk price action higher, forcing the indices to hold above resistance, which will then become our Pivot and point of balance through the opening hour (detailed below). However, a hotter read will send price action lower. In such a case, we want to see the E-mini S&P hold…
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