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E-mini S&P (September) / E-mini NQ (September)
S&P, yesterday’s close: Settled 5530.00, down 11.75
NQ, yesterday’s close: Settled at 18,962.50, down 44.00
E-mini S&P and E-mini NQ futures defined range yesterday, and JOLTs data reverted to pre-pandemic levels. This tees things up for today’s data dump and tomorrow’s main event, the August Nonfarm Payroll report. The private ADP survey and first look at August jobs came in much lighter than expected at 99k versus 144k, and July was revised from 122k to 111k. However, Initial Jobless Claims are not confirming the narrative at 227k versus the 231k expected, working lower from the August 1st of 249k. Services data will be front in center first with the final S&P Global read for August at 8:45 am CT, before the closely watched ISM report at 9:00 am CT.
Price action in both the E-mini S&P and E-mini NQ yesterday was overall contained, and both are holding out above rare major four-star support levels down at 5477 and 18,639-18,688, respectively. The market is searching for direction after the first wave of data and likely awaiting the Services reads intraday. Our Pivot and point of balance will help usher a test of first support or resistance detailed. The Pivot and point of balance aligns with our momentum indicators in the E-mini S&P at…
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