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E-mini S&P (December) / E-mini NQ (December)
S&P, yesterday’s close: Settled at 5776.75, up 14.75
NQ, yesterday’s close: Settled at 20,080, up 51.75
Stimulus news from China last night has created a buoyant risk environment, with the Shanghai Composite finish +4.15%. E-mini S&P and E-mini NQ futures started the week on a positive note and are pointing slightly higher ahead of the opening bell. Fed speak will continue to hit the tape as the week unfolds with Fed Governor Bowman highlighting today at 8:00 am CT. This builds up to Fed Chair Powell’s comments on Thursday. Today’s economic calendar brings Case Shiller Home Price data at 8:00 am CT, CB Consumer Confidence at 9:00 am CT, and a 2-year auction at noon CT.
Despite another short-lived breach overnight, rare major four-star resistance in the E-mini S&P remains a barrier at 5781.25-5785. We are watching this pocket closely for a decisive close above on any given day, but most importantly on a weekly basis, in order to confirm a breakout. Similarly, we maintain rare major four-star resistance in the E-mini NQ at 20,145-20,175 until the same closing breakout. Whereas this marks an area of record highs for the E-mini S&P, it is merely aligning with the August peak in the E-mini NQ. A most constructive path would be held through today’s open if price action in each index trades out above the Pivot and point of balance denoted below. A deeper consolidation is still very healthy while holding out above first key support in the E-mini S&P at…
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