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

S&P, yesterday’s close: Settled at 6084.25, up 50.75

NQ, yesterday’s close: Settled at 21,709.50, up 114.75

E-mini S&P and E-mini NQ futures closed out a choppy but stellar start to the week before NFLX crushed earnings. The streaming platform beat top and bottom estimates and added 18.9 million users in the 4th quarter, versus 9.2 million estimated, after taking on live boxing and NFL events. The stock is +14% ahead of the open. This morning, P&G and J&J both beat top and bottom-line expectations, but price action is mixed.

The U.S. Dollar slipped sharply yesterday, underpinning a strong session across stocks and most commodities. Last night, the U.S. Dollar jumped briefly after President Trump took shots at the EU and China, in an ever-present reminder to stay nimble.

The economic calendar is quiet this week, leading up to the Bank of Japan policy decision overnight Thursday and Flash PMI data Friday.

E-mini S&P futures have now cleared the December 26th gap close at 6095.25, but we now want to see this on a daily and weekly basis. The E-mini NQ is poking its head above the January 6th high of 21,896 this morning, which is still key resistance. However, the December 26th gap close still stands as a significant area of resistance in which it must clear. We remain more Bullish in Bias, but believe it would be smart to monetize some of this move. In our Commodity Trading Advisor (CTA), Blue Creek Capital Management, we have exited our long E-mini NQ futures and E-mini S&P call spreads while trimming our E-mini Russell call spreads. Feel free to contact our trade desk to discuss this. It is common to see some back and fill after a gap high on the opening bell, and if our Pivot and point of balance (detailed below) is surrendered, the bulls must respond to our first support, major three-star levels at…

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