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

S&P, yesterday’s close: Settled at 5305.75, down 122.50

NQ, yesterday’s close: Settled at 18,385.25, down 575.00

At times, there is nowhere to hide. Tech was tagged yesterday with NVDA -6.9%, and names like AAPL, MSFT, and META all down more than 3%. Even Telecom Services, which have been sticky, slipped. Although health insurers dodged yesterday’s fallout, they are down even more sharply after UNH lowered its full-year profit forecast. The stock is -20% premarket, and the sector has followed.

Remember, futures are closed tomorrow for Good Friday.

On the economic calendar, Jobless Claims remain resilient, coming in below expectations at 215k versus 225k. Building Permits and Housing Starts were mixed. Philly Fed Manufacturing whiffed at -26.4, the worst since April 2023, which may allude to some seasonality.  

E-mini S&P and E-mini NQ futures traded sharply lower after Fed Chair Powell said yesterday that the bank is in no hurry to cut interest rates. E-mini NQ futures were under heavy pressure all session, but Powell’s comments opened the door to the E-mini S&P, too. However, when things looked bleak in the final hour, major three-star support at 5251.50-5262.25 held perfectly, and the response has been buoyant so far. Price action above our Pivot and point of balance in the E-mini S&P will help signal whether this buoyancy can continue into the final closing bell of the week, with that level coming in at…..

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