Tech Leads the Charge as Futures Reclaim Bullish Ground

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

S&P, yesterday’s close: Settled at 6981.25, up 35.50

NQ, yesterday’s close: Settled at 25,848.50, up 110.25

E-mini S&P and E-mini NQ futures snapped back from a lower open Sunday night to start a pivotal week on a strong footing. In a tech-led rally, it was some of the biggest and least-loved names of late that shone: AAPL, META, AVGO, and ORCL, along with recent leader GOOG. Banks were on the mend, too, but headwinds still persist for broad participation due to policy uncertainties from the White House and tomorrow’s Fed decision. Health insurers plunged after hours when the Trump administration proposed keeping Medicare rates flat in 2027. The situation worsened for UNH this morning after issuing soft guidance on its scheduled earnings release. Also, President Trump said he’s raising tariffs on South Korea from 15% to 25% because they haven’t lived up to the deal. Still, despite an early drop last night, the EWY (MSCI South Korea) has ripped higher, and is up 3% at the onset of U.S. hours. 

Yesterday’s move reinvigorates quite a bit of bullishness technically, or at least opens the door. The E-mini S&P is nearing its closing high and is half a percent from an all-time high. The E-mini NQ is again testing the critical December 11th closing range, where it has struggled many times over the last month and a half. This aligns with the gap from before AVGO’s earnings report. In other words, the bulls are in the driver’s seat to achieve a breakout, and we are more Bullish in Bias as long as price action can hold above major three-star support in the E-mini S&P…