Tech Strength Lifts S&P — Eyes on 6900 as Fed Speak Looms

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

S&P, yesterday’s close: Settled at 6871.50, up 14.50

NQ, yesterday’s close: Settled at 25,640.75, down 73.75

E-mini S&P futures cleared last Monday’s gap settlement at 6882.75 overnight and pinged 6900. AAPL had a great day, along with healthcare, especially the drug manufacturers like ABBV, MRK, and AMGN. E-mini NQ futures revved up overnight, led by AMD, which gained 6% after CEO Lisa Su said the company expects 35% annual growth over the next three to five years at its investor day. Will her talk of an “insatiable” demand for AI help investors look past the recent headwind narratives that have clouded OpenAI and the space in recent days?

Traders will look to Fed speak from Williams, Waller, Bostic, and Collins through the afternoon, and a 10-year auction at noon CT.

E-mini S&P and E-mini NQ futures cleared the 6882.75 gap from last Monday’s close, which will now align as key support, above major three-star support aligning with yesterday’s now gap settlement at 6871-6874. Similarly, we have major three-star support in the E-mini NQ at 25,640-25,686. As this morning unfolds, it will be crucial to see a positive reception to our Pivot and point of balance, helping to pave a path of strength higher, with those levels coming in at…

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