S&P and NQ Stall at Resistance After Overnight Record Highs
E-mini S&P (December) / E-mini NQ (December)
S&P, yesterday’s close: Settled at 6766.75, up 5.25
NQ, yesterday’s close: Settled at 25,110.00, up 92.50
E-mini S&P and E-mini NQ futures edged higher overnight, hitting fresh record highs. The September Nonfarm Payrolls report will not be released due to the government shutdown. However, we do have a full slate of Services data, first with final September SPGI at 8:45 am CT, followed by the more closely watched ISM report at 9:00 am CT.
The overnight rise in E-mini S&P futures tested our next key resistance level at 6788, while the E-mini NQ retested 25,170. Above here, our next major three-star resistance level in the E-mini S&P comes in at 6807.50. For now, first resistance has held, and price action is retreating to our Pivot and point of balance, which aligns with unchanged on the session. A wave of selling into midmorning yesterday checked major three-star support for each the E-mini S&P and E-mini NQ at 6738.75-6843.50 and 25,009-25,052, and in the case of selling today, these will bring a line in the sand.
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