Santa Rally Presses On as S&P Tests Major Four-Star Resistance

Morning Express

/ by Blue Line Futures

 

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

 

S&P, yesterday’s close: Settled at 6961.00, up 30.75

 

NQ, yesterday’s close: Settled at 25,812.25, up 120.00

 

Index futures close early today at 12:15 CT and will reopen tomorrow at 5:00 pm CT for Friday’s session. 

 

E-mini S&P and E-mini NQ futures extended gains, solidifying the start of a Santa Claus rally. NVDA, AVGO, GOOG, and AMZN led the way on the heels of a 4.3% GDP print for Q3. Earlier this year, MSFT CEO Nadella said AI spend will stay on pace with GDP growth, and the surprisingly strong print stokes the AI narrative, especially for those at the center of chip demand. Yesterday marked a record-high close for SPX, as it lurks just below its October 29th intraday high, while E-mini S&P futures and the SPY ETF still have resistance at the December 11th closing high.

 

Weekly Initial Jobless Claims are due at 7:30 am CT, and there is a 7-year Note auction at 9:30 am CT.

 

E-mini S&P futures are testing rare major four-star resistance at 6963.25-6966.50, the resistance aligning with the December 11th settlement, from before AVGO’s earnings report and reversal. Internal momentum within the indices, measured by the number of S&P stocks above the 50-day moving average, is attempting to turn higher but remains near the 60% mark. Today will be crucial. Will the SPX closing high help E-mini S&P futures punch through strong resistance? Today’s session is shortened, and in order to accomplish it today, price action must hold above our Pivot and point of balance. Once achieved, our next major three-star resistance level is…

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Futures trading involves a substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.

Blue Line Futures is a member of NFA and is subject to NFA’s regulatory oversight and examinations. However, you should be aware that the NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians, or markets. Therefore, carefully consider whether such trading is suitable for you considering your financial condition.

With Cyber-attacks on the rise, attacking firms in the healthcare, financial, energy, and other state and global sectors, Blue Line Futures wants you to be safe! Blue Line Futures will never contact you via a third-party application. Blue Line Futures employees use only firm-authorized email addresses and phone numbers. If you are contacted by any person and want to confirm your identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500

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