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E-mini S&P (December) / E-mini NQ (December) S&P, yesterday’s close: Settled at 6856.75, up 103.00 NQ, yesterday’s close: Settled at 25,714.50, up 548.25 The Senate passed a temporary funding bill to keep most of the government open through January 30th, and some of it through September 30. The measure passed 60-40, with the help of moderate Democrats, drops expiring Affordable Care Act credits. It will now move to the House for a vote on Wednesday, which is expected to pass, before hitting President Trump’s desk for his signature. There was a stew of catalysts for last week’s sell-off, ranging from hawkish Fed commentary to a Mag 7 earnings hangover on the heels of unfavorable OpenAI press, to the government shutdown dragging on. I do believe this K-shaped economy has, anecdotally, become dependent on the “haves” spending, whether for business or pleasure, driving service gains. Given this, the introduction of air traffic disruption last week was a wake-up call that had a much larger impact on the market’s negative move than many realize. The bill passed yesterday will help normalize air traffic in the coming days. Yesterday, Taiwan Semiconductor, TSM, which was +3.1% to start the week, reported slowing growth in monthly revenue, furthering the debate on the sustainability of the AI boom. Additionally, SoftBank said it sold its entire NVDA stake for $5.83 billion. However, this was because it had gone ‘all in’ on OpenAI, which NVDA has some dependence on. E-mini S&P and E-mini NQ futures started the week on strong footing, clearing last Wednesday’s midday high, and that from Thursday. Despite holding well into the closing bell, the tape was soft overnight. Still, the E-mini S&P is holding ground at what will act as our Pivot and point of balance today at 6843.50-6849, and the E-mini NQ at… Want to keep up with the market? Subscribe to our daily Morning Express for essential insights into stocks and equities, including the S&P 500, NASDAQ, and more. Get expert technical analysis, proprietary trading levels, and actionable market bias delivered straight to your inbox. SIGN UP FOR 2-WEEKS OF FREE RESEARCH
