Minis Mixed Into The Cash Open, NASDAQ Outperforms On Nvidia Earnings

E-minis have moved away from best levels to now trade mixed (S&P 500 +0.4%, NASDAQ 100 +0.9% & DJIA -0.2%).

• The NASDAQ remains the clear outperformer in the wake of Nvidia’s earnings report and share buyback announcement. The name shows ~7% higher pre-market, back from pre-market highs.
• Higher Tsy yields have limited the gains in the tech benchmark.
• Dollar Tree Struggles pre-market (-6.1%), with softer than expected guidance weighing.
• Boeing is also indicated lower (-2.8%) after flagging troubles with a jet model.
• Both of those matters would have weighed on major e-mini contracts.
• Technically, the latest recovery in the e-mini S&P 500 contract has resulted in a break of both the 20- and 50-day EMA values. This signals potential for a stronger short-term recovery. Attention is on resistance at 4,493.98, the base of a bull channel that was breached last week. The channel is drawn from the Mar 13 low. Clearance of this level would open 4,517.75, the Aug 15 high. Support to watch lies at 4,399.50, yesterday’s low. A break would be bearish.