S&P and NQ Rebound on Tech Strength Ahead of Key Economic Data

E-mini S&P (September) / E-mini NQ (September)

S&P, yesterday’s close: Settled at 6457.25, up 31.75

NQ, yesterday’s close: Settled at 23,448.75, up 173.75

E-mini S&P and E-mini NQ futures rebounded from Monday’s pullback, although breadth deteriorated, and the strength was GOOG and AAPL doing the heavy lifting. Another notable gainer was AVGO, which has a pivotal earnings report after the bell today.

There is a jam-packed economic calendar to finish out the week. ADP Payrolls this morning showed 54k jobs added in August, versus 73k expected. Weekly Initial Jobless Claims came in higher at 237k versus 230k. Nonfarm Productivity for Q2 was revised much stronger to +3.3% from +2.8%, while Labor Costs were lower to +1.0% from +1.2%. Next up is the final SPGI Services data for August at 8:45 am CT, and the more closely watched ISM Services report at 9:00 am CT. Atlanta Fed GDPNow is expected to be updated at noon CT, and we will hear Fed speak throughout the day. This all culminates in tomorrow’s Nonfarm Payroll report at 7:30 am CT.

E-mini S&P futures remain buoyant, regaining the 6462.25-6465.25 level overnight, and testing into major three-star resistance at 6472.75-6476. E-mini NQ futures again leaned above the 23,461-23,506, which now stands as our Pivot and point of balance. Firm price action that chews through resistance could lean the tape into second and third-tier resistance, which includes the major three-star level for the E-mini NQ at 23,616-23,668. To the downside, a line in the sand is developing in the E-mini S&P, a near-term bull/bear line if you will, our major three-star support at…