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

S&P, yesterday’s close: Settled at 5938.75, up 18.75

NQ, yesterday’s close: Settled at 20,767.75, up 134.25

E-mini S&P and E-mini NQ futures roared off the lows yesterday in a quick shift from pre-market risk-off, amid escalating geopolitical tensions in the Russia-Ukraine conflict, to an intraday risk-on. We find three important factors supporting the 180-degree turn. First, Treasury prices began attempting a bottom in Friday’s session, with the 10-year topping at 4.5% and geopolitical fears further suppressing yields. Given the broader market climate, lower yields are seen as favoring risk. Second, E-mini S&P futures pinged our rare major four-star support, a level aligning many technical indicators with the October 30th gap close in which price action blew through post-election. Third, with aid from the first two, the focus shifted more micro; a great earnings report from Walmart, the world’s largest retailer, and of course, a pre-earnings ramp from NVDA, the world’s largest company by market cap.

E-mini NQ futures led the way yesterday with a strong showing from the Mag 7, however, both indices face strong overhead resistance aligning with the gap from Thursday’s settlement at 5968.75-5978.25 in the E-mini S&P and 20,974-21,012 in the E-mini NQ. Closing out above these levels will fully repair the fallout. Despite this headwind, we see a clear shift in momentum back to the bull camp and such will remain in place with price action out above our first supports, detailed below as major three-star levels. Furthermore, continued price action above out Pivot and point of balance is increasingly bullish, with those levels coming in at..

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