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

S&P, yesterday’s close: Settled at 6063.00, up 40.75

NQ, yesterday’s close: Settled at 21,670.25, up 265.25

Markets continue to navigate the gauntlet, and for the moment, the focus has shifted back to a deluge of earnings. After the bell yesterday, GOOG disappointed by missing cloud revenues and ramping capex. The stock is down nearly 7% this morning. AMD delivered what seemed to be a decent quarter, especially at its beleaguered valuation, but the market once again expected perfection from the chipmaker. The stock is off by 8% after data center revenue came in shy. However, AVGO benefits from the spend and is +3% ahead of the bell. DIS is little changed after topping profit estimates, but the biggest surprise for us is UBER which appears to have delivered a phenomenal quarter but is off by 6%. Furthermore, UBER’s CFO said, “We believe we remain undervalued despite these strong fundamentals, and plan to be active and opportunistic buyers of our stock.” We at Blue Line Capital are going through the report now and see the dip as a buying opportunity. ARM and QCOM report after the bell today. Contact us at info@bluelinecapitalwealth.com if you want to chat about any of this. (Blue Line Capital holds positions in GOOG, AVGO, UBER, and AMD)

On the economic calendar, the first look at January jobs with ADP Payrolls is due at 7:15 am CT, and then we look to services data. First up is final SPGI Services PMI for January is due at 8:45 am CT, and then the more closely watched ISM Non-Manufacturing report is out at 9:00 am CT. The Atlanta Fed will update its GDPNow forecast at noon CT, and traders should monitor Fed speak.

E-mini S&P futures ran right into our major three-star resistance yesterday, a level that was rare major four-star on Monday, at 6056.50-6067.25. Despite the gap from yesterday’s close at 6063, given volatility we will keep the pocket at its current wide range. Similarly, we now have major three-star resistance in the E-mini NQ at 21,670-21,697. As price action is on its back foot, first key support will be critical in attempting to keep yesterday’s buoyant session intact. This comes in at…

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