After a strong close Thursday, price action in the E-mini S&P and E-mini NQ must hold these supports in order to build for a constructive finish to the week, or remain vulnerable.
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E-mini S&P (September) / E-mini NQ (September)
S&P, yesterday’s close: Settled 5348.25, up 120.75
NQ, yesterday’s close: Settled at 18,525.25, up 558.75
E-mini S&P and E-mini NQ futures closed strongly yesterday, and did not surrender the day’s gains, but there is one more session to go and today’s weekly settlement is paramount. The E-mini S&P must build a strong floor out above the support pocket in which it settled above after yesterday’s opening range at 5306-5309, now major three-star support. Similarly, we this is 18,323-18,358 in the E-mini NQ. We believe doing such will set up for a firm session that will once again face last Friday’s settlement and rare major four-star resistance at 5366.50-5376 in the E-mini S&P and 18,525-18,557 in the E-mini NQ. A failure to setup for a close out above here today will certainly leave the market vulnerable to selling late today or early next week. To the downside a break below yesterday’s turning point, major three-star support at 5259.75-5266, will be extremely detrimental to the near-term bull case.
Bias: Neutral/Bullish
Resistance: 5348.25-5349.75**, 5354.75-5459.25**, 5366.50-5376****, 5420***, 5432.50-5441.25***
Pivot: 5331.75-5334
Support: 5319.25-5323**, 5306-5309***, 5292.25**, 5278.75-5280.75**, 5259.75-5266.25***, 5227.50-5231***, 5202.25-5204.25**, 5189-5192.25***, 5146-5161.25***, 5120**, 5092-5102.75***, 5059.75-5078.75*** 4988.25***
NQ (September)
Resistance: 18,525-18,557****, 18,725-18,738***, 19,023****
Pivot: 18,438-18,482
Support: 18,323-18,358***, 18,179-18,208***, 18,064***, 17,966-17,987***, 17,856-17,893**, 17,711-17,741***, 17,509***, 17,333-17,398****, 17,110-17,180****, 16,826-16,870***
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