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

S&P, yesterday’s close: Settled at 5896.25, down 9.75

NQ, yesterday’s close: Settled at 20,519.50, up 36.00

E-mini S&P and E-mini NQ futures were knocked on their backfoot yesterday, but thanks to NVDA’s +4% and fresh record high, the E-mini S&P pared most of its losses and the E-mini NQ finished positive. It was a different story for the E-mini Dow and the E-mini Russell which both digested a tough start the week down about 0.75% and 1.5% respectively.

It cannot go unnoticed that Treasuries continue to get whooped, with the 10-year yield hitting 4.2% yesterday. In fact, 30-year Bond futures are off by 7.6% from September 17th high and reached the lowest levels since July 24th overnight. A combination of rising yields and exhausted technicals have paved the way for profit taking ahead of earnings.

Around last Thursday’s record high, E-mini S&P futures have run a head and shoulders top in the near-term. Please note that we do not see this as a larger and broader pattern, but something more micro in the near-term. Our Pivot and point of balances are denoted in the Levels and continued action below here will keep the tape heavy. This will setup for a direct test of significant supports coming in for the E-mini S&P at..

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