With a solid session today, the E-mini S&P and E-mini NQ futures would complete a massive turnaround week. Per the strong technicals referenced above, we noted yesterday:
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E-mini S&P (September) / E-mini NQ (September)
S&P, yesterday’s close: Settled at 5602.25, up 41.00
NQ, yesterday’s close: Settled at 19,447.25, up 176.25
The week has played out exactly as we had hoped, but as always, one must plan for the worst and hope for the best. With that said, although we see significant upside given the roadmap over the last week, including levels tested, volume, and relative comparison thrusts (QQQ/XLP above), we still find it important to monetize some of these developments at a minimum. Remember, the Federal Reserve’s policy decision is next week.
Import/Export Price Index is due at 7:30 am CT, and fresh September Michigan Consumer data is due at 9:00 am CT.
With a solid session today, the E-mini S&P and E-mini NQ futures would complete a massive turnaround week. Per the strong technicals referenced above, we noted yesterday:
The E-mini S&P posted nearly 2.5 million contracts traded both yesterday and Friday, the most since August 5th. We view the volume that exchanged hands and double bottom between both days as a very significant turning point in the market. We have also been vocal that in the post-August 5th rebound a reverberation of volatility is expected to take place in the aftermath and the last week and a half was just that. Now, there must be a strong finish to the week to package it all up. We have increased our Bullish Bias and listed many support levels in the details below, but none more significant in keeping yesterday’s roaring rally intact than major three-star support in the E-mini S&P at 5528.25-5534 and in the E-mini NQ at 19,150-19,182
Yesterday’s opening bell low in the E-mini S&P was 5540, and in the E-mini NQ was 19,185. A quick ping of the support levels referenced and sharp turn higher as the session unfolded was extremely healthy in the context of some back and fill. We will continue to look for a constructive path as price action now tests into the post Labor Day selloff on September 3rd. This brings major three-star resistance in the E-mini S&P at 5626.25-5630 and in the E-mini NQ at….
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