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

S&P, yesterday’s close: Settled at 6761.50, down 27.25

NQ, yesterday’s close: Settled at 25,039.25, down 145.50

E-mini S&P and E-mini NQ futures set a fresh record high on the open yesterday, before pulling back. What could be important is that yesterday’s pullback settled below the prior day’s low, creating an outside bearish candle for both indices. Does it mean something for today and the rest of the week, or will markets focus on the established momentum trade? Many of the hottest names stumbled yesterday, with LRCX and AMAT each losing more than 5%, TSLA by 4.5%, while ORCL and MU each shed more than 2.5%. There were bright spots as AMD added another 3.8%, NFLX was +2.4%, and Consumer Staples (XLP) rose by +0.93%. However, are Staples telling us something? We are also closely watching the U.S. Dollar, as the Dollar Index closed above, and the Euro fell below the 21-week moving average for the first time since March.

Price action yesterday in E-mini S&P futures responded to last Thursday’s lows and what is now major three-star support defined at 6741.50-6748.50. E-mini NQ futures held major three-star support at 24,975-25,009, adjusted to 24,975-25,039 to align with settlement. These levels must be closely watched through today, and given the outside bearish candle yesterday, a break below would signal that a larger, healthy pullback could be in the cards. However, if price action holds at and above our Pivot and point of balance (defined below), it would encourage strength that could chew through first key resistance. That said, a move above second resistance at…

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