E-mini S&P and NQ Hold Firm Ahead of Fed Decision and Big Tech Earnings

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

S&P, yesterday’s close: Settled at 6925.75, up 17.50

NQ, yesterday’s close: Settled at 26,163.50, up 199.75

The Federal Reserve is expected to cut rates by 25bps at 1:00 pm CT, and Fed Chair Powell begins his press conference at 1:30 pm CT. After the closing bell, MSFT, GOOG, and META, three of the top six companies by market cap, will report Q3 earnings. I won’t sit here and call today the most critical day of the year thus far, as this year has certainly already brought its fair share, but today will make an impact.

E-mini S&P and E-mini NQ futures finished yesterday strong and have held a bid in the overnight. E-mini S&P futures are testing our next upside target at 6948.25, the 50% extension of the October 9-10th range. Rather than defining what may keep this tape contained, we are better off defining what may continue to fuel the rally. First support for both the E-mini S&P and E-mini NQ is a major three-star level and aligned with settlement. Below there, our near-term line in the sand is major three-star support at 6901.50-6903 in the E-mini S&P and 25,963-26,012 in the E-mini NQ; while out above yesterday’s lows the tape is bullish across all time frames. However, a close below these marks could set up for a healthy back and fill.

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