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E-mini S&P (December) / E-mini NQ (December)
S&P, yesterday’s close: Settled at 6715.00, up 28.50
NQ, yesterday’s close: Settled at 24,924.50, up 162.00
Volatility was enormous again yesterday; E-mini S&P and E-mini NQ futures traded in about 2% ranges from the morning high to the afternoon low. And like clockwork, price action is on the mend, closing in on yesterday’s high. The Philly Fed Manufacturing was released this morning, one of the few economic datapoints we have to judge the economy, given the government shutdown. This October read came in at -12.8 when +8.6 was expected, while Prices Paid increased to 49.20, from 46.80 in September. Also, TSM reported earnings overnight, and the behemoth manufacturing company topped estimates; the stock is +2.5% ahead of the U.S. open.
E-mini S&P and E-mini NQ futures face resistance at yesterday’s highs at 6766.75 and 25,113. With the tape firming into the opening bell, a hold above our Pivot and point of balance at 6741.50 and 24,027-24,040 will help keep a bid and potentially push price action out above yesterday’s high, opening the door back into range from last Friday morning, to which we have resistance levels defined below. To the downside, we have major three-star support at…
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