The futures markets saw a relatively brief boost when the Fed cut rates by 50bs. However, soon after the markets moved lower as bond yields moved below 1%. As we look at the markets this morning, the S&P 500 is up +70 points, the Nasdaq is up +207 points, Dow futures are up +700 points and the Russell is up +32.40 points. More than likely investors are in favor of Biden, who had a huge night in the Super Tuesday elections. We have had a few more reported cases of the coronavirus, so be prepared for another roller coaster type trading day.
On the Calendar: EIA Crude Oil Inventories – 10:30am.
Stocks to watch: UBER, NVDA, DIS, MRNA
A look at the chart: The NQ is well deviated already this morning, closing in on +1.5 deviations (8841). Overnight the NQ used the 20 day sma as support. Look for the NQ to possibly use the 20 day sma as support again, 8627 area.