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E-mini S&P (September) / E-mini NQ (September)
S&P, yesterday’s close: Settled at 6284.00, down 27.00
NQ, yesterday’s close: Settled at 23,056.75, up 21.25
E-mini S&P and E-mini NQ futures set fresh record highs on the heels of the NVDA H20 news, and after June Core CPI came in a touch below expectations, but the tape turned. In fact, the E-mini Dow went negative within the opening range, and the E-mini S&P pared all gains by 9:30 am CT. The tape became a classic overnight bull trap, and the CPI data was merely dragged down by a lack of cyclical demand, which otherwise showed pockets of budding inflation. Listen, I remain in the camp that inflation will stay muted, but after a string of soft reports, we were due for a counter. We now look to the June PPI report, due at 7:30 am CT, and remember that producer prices are a leading indicator of consumer prices.
The chop in which the E-mini S&P and E-mini NQ spent within the high-end of yesterday’s range leaves several critical areas of major three-star resistance highlighted in our levels below. Our Bullish Bias (detailed below) was again neutralized yesterday. The lows through the end of the session yesterday and overnight were a response to our listed support, and all things considered, despite the ugly reversals, unless more downside is realized, this is simply a consolidation. We will be watching our Pivot and point of balance for clues; these come in at…
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