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

S&P, yesterday’s close: Settled at 5892.50, down 3.75

NQ, yesterday’s close: Settled at 20,542.00, 22.50

E-mini S&P and E-mini NQ futures have continued to struggle at higher prices. We noted the micro head and shoulders in the E-mini S&P, with last Thursday’s high being the head, but there is also a sense of near-term exhaustion as the market digests a fantastic one-week and one-month run moving into the heart of earnings season.

Yesterday’s settlement and today’s session high in the E-mini S&P bring major three-star resistance at 5892.50-5896.25. Additionally, yesterday’s spike high aligns with previous price action to create major three-star resistance just above at 5901.75-5908.50. In some sorts, we view this as a line in the sand, in which a move through these two resistance levels is likely to reinvigorate significant bullish momentum. However, a failure to do such will leave a heavy tape that is more likely to consolidate lower and could test major three-star support at...

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