E-mini S&P and NQ Futures: Navigating Post-Fed Volatility Amid Softer Inflation Data

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

S&P, last week’s close: Settled at 6001.75, up 67.75 on Friday and down 124.00 on the week

NQ, last week’s close: Settled at 21,566.50, up 187.50 on Friday and down 515.50 on the week

E-mini S&P and E-mini NQ futures snapped back on Friday after Core PCE, the Federal Reserve’s preferred inflation indicator, was lighter than expected and Michigan Consumer 1-year inflation expectations were revised lower. The deluge of data helped dig price action out of the poor response to the Federal Reserve’s hawkish cut on Wednesday. It also makes you wonder if Powell and company had this PCE report in hand for their decision. During his press conference Fed Chair Powell said that November PCE is likely to be a bit softer due to conditions in November. Furthermore, it begs the question, did the committee use the deliberate hawkishness to keep risk assets from running away upon such a PCE report.

E-mini S&P and E-mini NQ futures slipped early morning and are testing into support aligning with Thursday’s sideways consolidation and Fibonacci retracements of the defined range. In order to stay constructive, we must see E-mini S&P futures hold out above major three-star support at…

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