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E-mini S&P (September) / E-mini NQ (September)
S&P, yesterday’s close: Settled at 5558, up 85.50
NQ, yesterday’s close: Settled at 19,505.25, up 569.00
I will say it, the Federal Reserve policy decision and Fed Chair Powell’s press conference yesterday was . . . wait for it . . . boring! But that is a great thing! We want boring. Let the market speak for itself. Yesterday marked a massive turnaround in tech, specifically semiconductors, led by double-digit gains in NVDA and AVGO. Fed Chair Powell did give the nod to a September rate cut and this was further stoked by data this morning showing higher Initial Jobless Claims this morning, stronger Nonfarm Productivity, and lower Labor Costs.
After the close yesterday META topped earnings, stoking the AI spend narrative, and is +6% ahead of the bell, with NVDA adding another 2%.
Yesterday, we increased our Bullish Bias for the E-mini S&P and E-mini NQ, and noted the levels in which we must hold out above in order to invite continued bullish tailwinds. The roadmap worked quickly and yesterday’s opening range, along with yesterday’s settlement, can create a new floor. For the E-mini S&P we have major three-star support at 5558 and 5545.50-5549.50. To the upside, we are closing in on rare major four-star resistance at…
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