To the upside, a gap in the E-mini S&P from Wednesday’s close aligns to bring major three-star resistance at 4594.25-4597, and a close above here will invite significant buying. Furthermore, if such were to happen, it does not mean the market is guaranteed to roll over, as we have several levels of strong support below this mark, and most importantly, the E-mini NQ has rare major four-star support at 15,444-15,475. ![]() Additionally, there are increasing geopolitical risks after Russia destroyed Ukrainian grain warehouses on the Danube River.ĭespite the retreat into Friday’s close, E-mini S&P futures have yet to decisively break and close below major three-star support at 4560.50-4565.75 we will remain more Bullish in Bias until a close below here, at the least. While the week builds into Wednesday’s FOMC decision, where a 25 bps rate hike is a foregone conclusion, traders must keep a pulse on a deluge of Treasury issuance $42 billion two-year Notes are set to be auctioned today, $43 billion five-years tomorrow, and $34 billion seven-years on Thursday. each missing on both Manufacturing and Services. Bill Baruch joined CNBC’s Halftime Report on Thursday to talk about trimming tech and adding to healthcare and small caps.įlash PMIs for July began overnight, with the Eurozone and U.K. Although the stock market broadly exhibited some signs of exhaustion, this simply appears to be a rotation for now. Also, E-mini Dow futures finished +2.08%, and E-mini Russell 2000 futures +1.41%. Yes, it is a different story for E-mini NQ futures, but they were not even down one whole percent (-0.98%). NQ, last week’s close: Settled at 15,540.00, down 52.25 on Friday and 154.25 on the week ![]() ![]() S&P, last week’s close: Settled at 4564.75, down 0.75 on Friday and up 28.00 on the week With a new week underway, remind yourself that E-mini S&P futures finished in the positive last week, states Bill Baruch of .Į-mini S&P (September) / E-mini NQ (September)
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