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

S&P, yesterday’s close: Settled at 6063.25, up 1.50

NQ, yesterday’s close: Settled at 21,281.50, up 63.50

E-mini NQ futures broke out above overnight. Price action cleared the November and July highs, a ceiling that defined the top of the ascending triangle we have been referencing. The underlying strength has certainly come from the Mag 7 with META and AAPL setting fresh records yesterday, AMZN gaining more than 6% over the last week, and the laggards GOOG and MSFT levitating more than 2% over the last week. However, the final nudge likely came from CRM’s earnings after the bell yesterday. The stock is up 12.5% premarket on decent results, but it was the improved margins, demand for Agentforce, its AI system for enterprises, and raised guidance.

ADP Payrolls, the private survey giving the first glimpse of November jobs data was released at 7:15 am CT. It came in at 146k, below the 166k expected, while October was revised from 233k to 184k. Services data is up next with the final SPGI PMI read for November at 8:45 am CT, and the more closely watched ISM report at 9:00 am CT. Later in the day, all eyes will be on comments from Fed Char Powell at 12:45 pm CT. 

Yesterday, the E-mini NQ settled right at its intraday record high, a pocket of resistance at 21,268-21,293, surrounded by an island gap outside of regular trading hours that ultimately led to a reversal on November 11th. The earnings from CRM gave an additional tailwind overnight that helped clear the record high of 21,341 and now this breakout must be maintained on a daily and weekly closing basis. The S&P continues its rise and both indices will gap high on the opening bell, creating major three-star support aligning with yesterday’s settlement and a buy the first test opportunity. We will use our Pivot and point of balance to define the bulls being clearly in the driver’s seat as the session and week unfold, and doing such will continue to confirm the breakout and place a first target on the E-mini NQ of…

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