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

S&P, yesterday’s close: Settled at 5,937.75, down 1.00

NQ, yesterday’s close: Settled at 20,749.00, down 18.75

After battling some wind coming out of the ‘sales’ on NVDA’s earnings, and a wave of risk-off due to increasingly heightened tensions between Russia and Ukraine, E-mini S&P futures have traded positive at the time of writing. Make no mistake, NVDA’s double beat and raise was phenomenal, but expectations have also become insurmountable, and market participants have discounted an aggressive pace of sales growth. The company reported EPS of 0.81 versus 0.74 and sales of $35.08 billion versus $33.25, but ONLY raised guidance to $37.5 billion from $37.08. Although earnings more than doubled from a year ago, the company forecasted slightly tighter margins and a slower pace of sales growth from 94% y/y to 69.5% in the current quarter and this has the stock on its back foot this morning, down about 2%. All things considered, NVDA is trading in a breakout, and technicals will matter today as we envision a steady trade early could lead to a strong finish to the week.

E-mini S&P and E-mini NQ futures opened yesterday’s intraday session at the peak and then slipped, before spending much of the session muscling back. Both indices have now turned positive as I write and we find this a show of strength. First key resistance comes in at 5947.50 and 5953.25 in the E-mini S&P and 20,749-20,788 in the E-mini NQ. Strong overhead resistance aligns with the gap from last Thursday’s close, and a move through here would have repaired the week-long damage. Although a constructive response to our first support levels detailed will keep the risk-appetite buoyed, we find the bulls in the driver’s seat in the immediate-term while holding out above our Pivot and point of balance at...

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