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

S&P, yesterday’s close: Settled at 6020.50, up 31.00

NQ, yesterday’s close: Settled at 21,744.50, up 228.00

E-mini S&P and E-mini NQ futures started the week off on strong footing, but early gains did erode, defining resistance and what might be a trying path to fresh record highs. I noted in my video last night that I did not find those tails favorable. On the other hand, chewing through resistance will take a healthy buildout of the market profile and a consolidation through a deluge of economic data this week may be just what the doctor ordered.

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Last night, NVDA CEO Jensen Huang delivered the keynote speech at CES. He laid out a roadmap of AI evolution, NVDA’s partnerships, and the latest technologies. Miniature Al processing is nothing new, but he unveiled Project DIGITS, “a personal AI supercomputer” featuring the new GB10 Grace Blackwell Superchip. He also introduced the Cosmos, which the company’s website describes as “a platform comprising state-of-the-art generative world foundation models, advanced tokenizers, guardrails and an accelerated video processing pipeline built to advance the development of physical AI systems such as autonomous vehicles (AVs) and robots.” The stock is up about 2% ahead of the bell, lifting many names, but off the best levels from overnight.

As we noted here yesterday, the line in the sand is support aligning with Friday’s settlement, for the E-mini S&P it is major three-star resistance at 5989.75-5993.25 and for the E-mini NQ it is 21,488-21,517. E-mini S&P futures, back tested previous resistance at 6003-6008.25 late yesterday and again overnight, holding and responding in what twice proved to be a buying opportunity, however, we would be weary of a third steadfast test given yesterday’s tail. As the morning unfolds, the bulls must keep price action at and above our Pivot and point of balance in order to usher higher prices, with these levels coming in at…..

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