Dow reclaims its central pivot, the S&P 500 rotates around a daily-intraday pivot confluence, and Nasdaq tests lower-gate support during the London session.
US Index futures desk report — Feb 24
London session update (Dow, S&P 500, Nasdaq)
After yesterday’s sell-off, all three major US index futures are trading in important intraday decision zones during the London session.
The common theme acrossDow (YM), S&P 500 (ES), and Nasdaq (MNQ/NQ)is the same:rotation around value with neutral TPO reads, rather than immediate directional continuation. That usually means the market is still deciding whether to stabilise and recover, or whether to use balance as a pause before another downside move.
The difference today islocation:
- Dowis back above the central pivot and POC, attempting to stabilise.
- S&P 500is rotating around ahigh-importance CP(daily CP = intraday CP).
- Nasdaqis still heavier, trading around thelower gate and POC, with downside risk more active if support fails.
The maps are clear. The next move depends onacceptance, not prediction.
1) Dow Futures (YM) — Structure recovery attempt around CP
Major intraday levels
- Upper range:50,360.
- Central pivot (CP):48,852.
- Lower range:47,344.
- POC:48,920.
Gates
- Upper gate:49,208 – 49,428.
- Lower gate:48,496 – 48,276.
London session position
Dow is trading around48,896, holdingjust above the central pivotand near thePOC.
Structure read
This is an important early response after yesterday’s sell-off. Price has stabilised back near value, but the market still needs to prove it can build above the internal structure to confirm a stronger recovery leg.
For now, this remains arotational recovery attempt, with theCP and POC acting as the main decision point.
- Above CPsupports rotation higher.
- Below CPreopens the lower-gate risk.
TPO/Internal structure read
The TPO read isneutral, rotating from thePOC upward through internal references, which suggests auction repair rather than strong directional conviction.
Upside internal refs (if CP holds)
- 48,936.
- 48,988.
- 49,030.
- 49,072.
- 49,124.
- 49,200(just ahead of upper gate).
A sustained hold above CP/POC and acceptance through this ladder would support a retest of theupper gate (49,208 – 49,428).
Downside internal refs (if CP fails)
- 48,768.
- 48,716.
- 48,674.
- 48,632.
- 48,580.
Failure to hold above the CP shifts focus back to thelower gate (48,496 – 48,276).
Dow desk take
Dow has done the first constructive thing by reclaiming the CP area, but it still needs acceptance above value to confirm the recovery attempt.
CP first, micro refs next, gate only after acceptance.
2) S&P 500 Futures (ES) — High-importance CP confluence in focus
Major intraday levels
- Upper range:6,979.50.
- Central pivot (CP):6,866.50.
- Lower range:6,764.00.
- POC:6,862.50.
Gates
- Upper gate:6,893 – 6,909.
- Lower gate:6,842 – 6,827.
London session position
ES is trading around6,863,just below the central pivotandjust above the POC.
Structure read
This is one of the most important decision zones on today’s board because:
Intraday CP – Daily CP (6,866.50)
That alignment gives the CP extra weight. Both the broader daily structure and the intraday map are referencing the same level, so the market’s response here is likely to shape the next directional leg.
At the moment, ES remains in aneutral auctionbetween POC and CP.
- Holding above CPwould support a recovery rotation toward the upper gate
- Failing at CPkeeps sell-off pressure active and raises the odds of another lower-gate test
TPO/Internal structure read
The TPO read isneutral, with price rotating around the POC and nearby internal references.
Upside path (if CP holds and accepts above)
- 6,872.
- 6,876.
- 6,880.
- 6,883.
- 6,887.
Acceptance through this internal ladder opens the path toward theupper gate (6,893 – 6,909).
Downside path (if CP fails)
- 6,860.
- 6,857.
- 6,854.
- 6,851.
- 6,847.
A failure around the CP and value area shifts focus to thelower gate (6,842 – 6,827).
ES desk take
ES is sitting at themost important intraday level on the mapdue to the daily/intraday CP confluence. The session remains rotational for now, but once acceptance is established on one side of the CP, expansion can follow quickly.
3) Nasdaq Futures (MNQ/NQ) — Lower gate test keeps downside risk active
Major intraday levels
- Upper range:25,405.
- Central pivot (CP):25,015.
- Lower range:24,535.
- POC:24,823.
Gates
- Upper gate:25,107 – 25,163.
- Lower gate:24,901 – 24,831.
London session position
Nasdaq is trading around24,840, right around thelower gateand near thePOCafter yesterday’s sell-off.
Structure read
This is a crucial intraday level. Nasdaq is testing whether the lower gate can act as support and allow a rotation back toward the central pivot, or whether this is only a pause before another downside extension.
Compared with Dow and ES, Nasdaq still looksmore fragilebecause it is holding lower in the structure.
- Hold lower gate→ opens a path back towardCP (25,015)
- Lose lower gate→ downside extension risk increases
TPO/internal structure read
The TPO read isneutral, rotating around thelower gate and POC, which fits a post-selloff balance/response phase.
Recovery path (if lower gate holds)
- Hold24,901 – 24,831.
- Maintain support aroundPOC 24,823.
- Rotate towardCP 25,015.
If CP is reclaimed, focus shifts to theupper gate (25,107 – 25,163)and higher refs:
Downside path (if lower gate fails)
Initial downside refs:
If pressure extends, next phase refs in focus:
- 24,350.
- 24,236.
- 24,144.
- 24,051.
- 23,937.
Higher-Level Trigger
- A move above the upper range (25,404)shifts focus to25,794.
Nasdaq desk take
Nasdaq is the most sensitive of the three indices right now. It is not breaking down aggressively, but it has not shown confirmed recovery acceptance yet.
Lower gate first, then CP, then upper gate, only after acceptance.
Desk summary — What matters most into New York
Today’s London session is showing abalance-first responseacross all three US index futures after yesterday’s sell-off, but each index is sitting at a different point in its structure.
- Dowis trying to stabiliseabove the CP.
- S&P 500is rotating around ahigh-confluence CP (daily + intraday).
- Nasdaqis still testing thelower gate/POC zone, making it the weakest of the three for now.
The key theme remains the same across the board:acceptance at the pivot zones will decide whether this becomes a recovery session or another leg lower.
Into New York, the best read is still structure-first:
- Dow:CP → micro ladder → upper gate.
- ES:POC/CP confluence → internal refs → gate test.
- Nasdaq:lower gate hold required first → CP recovery attempt.
If those pivot zones fail, the downside ladders reopen quickly — especially in Nasdaq.
Structure defines context; price reveals response.
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