Indices Consolidate Gains — Key Support Tests in Play for S&P and NQ

Bill Baruch is back at the NYSE for the CNBC Halftime Report for the hour. Tech is lagging, healthcare and financials are ripping, and Silver set a new record high. Make sure to tune in!

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

S&P, yesterday’s close: Settled at 6875.75, up 4.25

NQ, yesterday’s close: Settled at 25,623.75, down 17.00

E-mini S&P futures edged out a gain yesterday, compared to a small loss in the E-mini NQ. Although AMD put up an impressive +9% on the day, and SMH was +1.28% with NVDA and AVGO positive, hyperscalers like META, GOOG, AMZN, and AAPL were all down, along with ORCL and PLTR. However, there is leadership as healthcare and financials have had a phenomenal week.

E-mini S&P futures have struggled to hold above last Monday’s settlement at 6882.75, retesting the mark into yesterday’s settlement. Additional resistance stands above there at yesterday’s opening bell high of 6892.75. Overnight strength in the E-mini NQ was quickly faded yesterday morning, leaving resistance at the opening bell high of 25,780. Price action remains in a consolidation, digesting the two-day run to start the week. Both the E-mini S&P and E-mini NQ are testing support at the onset of U.S. hours, at 6852-6857.50 and 25,425-25,488, respectively. Continued price action below our Pivot and point of balance, detailed below, will keep near-term pressures in place. If this is the case, we want to see a response to our next two waves of major three-star support in the E-mini S&P….