Tech Cracks Again as Sellers Press the Advantage

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

S&P, yesterday’s close: Settled at 6906.25, down 35.50

NQ, yesterday’s close: Settled at 24,999.25, down 452.75

E-mini S&P and E-mini NQ futures again started the day on their back foot, led by another downside day for tech. AMD lost 17.3%, and MU lost 9.6%, while names like NVDA, AVGO, TSLA, META, and GOOG all slipped 2-4%. However, it was a different story in other corners of the market; AAPL added 2.6%, financials gained 90bps, led by names like BRKB and BAC, while GS and MS lost ground. Healthcare had big winners in LLY and AMGN, but ABBV fell hard after earnings. Energy and materials were also notable. Selling did subside late in the day; the E-mini S&P and E-mini NQ pared losses, but the E-mini Dow finished +50bps.

GOOG reported earnings after the bell, and the numbers were so phenomenal that the market has all but ignored a tremendous 50% increase in CapEx from prior estimates and a doubling from 2025. The stock is down 3%, but has lifted names in the ecosystem: AVGO +5%, NVDA +1.5%, MU +1.5%.

Price action did come off the lows late yesterday, but struggled again last night. Yesterday’s opening bell selling will create several waves of resistance up to the opening bell highs and major three-star resistances at 6960.75-6965.75 in the E-mini S&P and 25,390-25,452 in the E-mini NQ. While there was solid volume midday to lift off session lows yesterday, the E-mini NQ still extended to its lowest level since November 24th. This will leave the sellers with an edge if they can keep price action below our Pivot and point of balance through the first hour, with those levels coming in at…