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

S&P, yesterday’s close: Settled at 5302.00, down 189.00

NQ, yesterday’s close: Settled at 18,484.50, down 804.25

E-mini S&P and E-mini NQ futures retreated into Wednesday’s range, but despite wild swings, the technical landscape did hold some construction. Price action slipped early last night, but has been firm overnight and ahead of the March PPI release at 7:30 am CT. Remember producer prices are a leading indicator of consumer prices. Expectations are for +0.2% m/m, up from flat in February and Core +0.3%, up from -0.1%. We then look to Michigan Consumer data at 9:00 am CT.

We find reason to believe this market is ready to rally and yesterday’s retreat, though very large and sloppy, is a typical response and range given the velocity and size of Wednesday’s knee jerk rip higher. Price action did respond to support levels yesterday, most notably the 50% retracement back to the Sunday night low in both the E-mini S&P and E-mini NQ, which is now well-defined as a line in the sand at 5146.75-5180.25 and 17,919-17,923, respectively. A break below here would water down our upbeat thesis. We must see constructive price action at our pivot and point of balance, detailed below. All of this could pave the way for a test of rare major four-star resistance in the E-mini S&P at….

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