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

S&P, yesterday’s close: Settled at 6046.75, down 86.50

NQ, yesterday’s close: Settled at 21,258.50, down 652.75

E-mini S&P and E-mini NQ futures battled off the worst levels but still finished -1.41% and -2.98%, led by SMH -9.83%, with names like NVDA and AVGO plummeting -16.97% and -17.4%. At the core, we find this a buying opportunity. At Blue Line Capital, we own names like NVDA and AVGO near the top of our list. We pulled the trigger, adding to AAPL on the open yesterday after it shed 15% from its December 26th high, not yesterday, but into last Wednesday’s low. Keep an eye out, I may hop on the CNBC Halftime Report this afternoon to discuss this move. In fact, AAPL gained +3.18% yesterday, and there were other bright spots. The financials sector continued a tremendous run with XLF +1.1% and closing at a new record high, while the E-mini Dow closed at the highest level since December 9th. Remember, the Dow lost ground for 10 straight days in December, during which the E-mini NQ set a new record high. These things do not happen during bull markets, but it echoes that it is a stock pickers market where you need to be ahead of the rotations.

Yesterday, we noted that, “To the upside, we must see a move above major three-star support in order to only begin neutralizing the selling, with these levels coming in at 6033.50-6043.50 in the E-mini S&P and 21,344-21,377 in the E-mini NQ.” The E-mini S&P achieved this on a closing basis and has essentially held out above here the entire overnight. This sets the stage for a continued recovery, but we must see the E-mini NQ agree. Price action has stuck its nose above the 21,344-21,377 pocket but has struggled to hold. We have increased our Bullish Bias, and if tech can help confirm what the E-mini S&P has done, we see the path of the E-mini S&P surging to rare major four-star resistance at…

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