Futures rebound after quarter-end selloff; ISM at 14:00 UTC sets the tone

No new ideas at this hour by design: US cash markets open at 13:30 UTC and pre-market prices are too thin to set levels. This review prepares the afternoon. Yesterday's close was dragged down by quarter-end flows: the S&P 500 lost about 0.5% in the final ten minutes to 7651.54. Overnight, futures recovered: applying the futures move since the cash close, the S&P 500 is estimated at 7699.6, only 0.40 ATR above its 20-day average of 7671.3 — not yet a trend by our rules (0.50 needed). The Nasdaq 100 is estimated 2.70 ATR above its average and the Dow 2.10 ATR below: both too stretched to enter. Among stocks, NVDA (+0.98 ATR), MSFT (+1.04) and TSLA (-0.97) sit inside the tradable band and form this evening's watchlist; JPM, V, WMT, KO and HD are too far below their averages, AAPL, LLY, CAT and XOM too close to them. Key events: jobless claims at 12:30 UTC and ISM Manufacturing at 14:00 UTC. VIX 16.3. Yesterday's WMT short reached its target at 19:50 UTC; the record shows it as expired and has been flagged for verification.