E-minis Extend Winning Streak to Seven as CPI Fuels Momentum
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Bill Baruch is back at the NYSE for the CNBC Halftime Report, for the hour, with stocks in rebound mode, software on an island, and CPI softer than expected. Tune in!
E-mini S&P (June) / E-mini NQ (June)
S&P, yesterday’s close: Settled at 6863.25, up 39.50
NQ, yesterday’s close: Settled at 25,251.50, up 177.25
E-mini S&P and E-mini NQ futures muscled out a seventh straight positive session. All sectors were in the green, other than energy and healthcare, while software was absolutely bludgeoned once again. Discretionary was the top-performing sector, up 2.4%, led by AMZN. Industrials were second, up 1%, with names like GEV, VRT, and MTZ setting record highs. Semis balanced out software with MU, LRCX, and INTC being big winners.
The March CPI report this morning was lower than expected across the board by one-tenth, highlighted by Core, excluding food and energy, at +0.2% m/m, and headline at +0.9%. Fresh Michigan survey data for April is due at 9:00 am CT.
E-mini S&P and E-mini NQ futures held ground terrifically overnight and are seeing strength on the heels of this morning’s CPI report. Price action is holding above our Pivot and point of balance at 6863.25-6868.50 in the E-mini S&P and probing first key resistance at 6886.75. A constructive path through the first hour will lay groundwork for higher prices with a strong weekly close that targets our next upside levels………
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