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E-mini S&P (March) / E-mini NQ (March)
S&P, yesterday’s close: Settled at 5527.50, down 77.25
NQ, yesterday’s close: Settled at 19,249.00, down 369.50
E-mini S&P futures set a new low yesterday, however, whereas E-mini NQ futures set a fresh intraday low, it did hold the overall low from Monday night. We find this constructive and the levitation in the final minutes has carried price action higher into today’s opening bell. The big setup is these indices must close above the prior day’s highs, something they have failed to do ever since the sell-off began.
Fresh Michigan Consumer data for March is due at 9:00 am CT.
We have major three-star resistance in the S&P aligning with yesterday’s highs at 5603.75-5609.75 and key resistance in the E-mini NQ at 19,555-19,577; first thing is first, we must clear yesterday’s intraday high. Above there, we have key resistance in the E-mini S&P at 5623 and major three-star resistance in the E-mini NQ at 19,703-19,770; closing above here will clear yesterday’s high. In order to create the construction to achieve such, we must see price action hold above our Pivot and point of balance in the E-mini S&P at….
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