E-mini S&P Clears Key Resistance as Powell’s Comments Lift Sentiment

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

S&P, yesterday’s close: Settled at 6686.50, down 8.25

NQ, yesterday’s close: Settled at 24,762.50, down 159.75

E-mini S&P and E-mini NQ futures rallied from the early morning low but gained momentum on Fed Chair Powell’s interview. Here, he was seen as slightly dovish and pointed to the end of the balance sheet runoff as maybe nearing. Things seemed set for a strong close before President Trump posted on Truth Social about China not buying soybeans as an “Economically Hostile Act,” and considering terminating cooking oil imports as retribution. The S&P fell nearly 1% into the close, but has completely shaken it off as of this morning, trading to a new high on the week.

E-mini S&P futures decisively cleared yesterday’s high of 6722.50 overnight. This level aligns as our Pivot and point of balance, and continued price action above here will encourage a direct test of major three-star resistance at 6741.50-6748.50. E-mini NQ futures are lagging relative to Monday’s high, which brings resistance at 24,947-24,965. Similarly, its Pivot and point of balance comes in at 24,908-24,922. Traders do want to be mindful of two waves of overhead resistance coming in at…

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