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

S&P, yesterday’s close: Settled at 6038.25, up 31.75

NQ, yesterday’s close: Settled at 20,993.50, up 113.25

E-mini S&P finished at a record close yesterday, but still must chew through a significant area of resistance we have highlighted below. The Federal Reserve’s preferred inflation indicator for the month of October is due at 9:00 am CT, the Core PCE Index. Expectations are for +2.8% y/y and +0.3% m/m. It is accompanied by Personal Spending and Income data. Also, we get the second look at the Q3 GDP report, Initial Jobless Claims and Durable Goods Orders, all at 7:30 am CT. Later on, Chicago PMI is due at 8:45 am CT, and Pending Home Sales at 9:00 am CT. At noon CT, U.S. Treasury will auction 7-year Notes at noon CT and the Atlanta Fed will update its GDP forecast for Q4.  

E-mini S&P futures settled at a fresh closing high, but have not traded one intraday. We have a thick area of resistance that has been adjusted to align with settlement at 6038.25-6045.25 and above there is the record of 6053.25. A decisive move out above here will help secure a breakout that could carry prices above 6100 in the first half of December if not sooner. Yesterday, the E-mini NQ opened the strongest but was sideways for much of the session. However, it is notable the Mag 7 began to show up and this aligns with your thesis through yearend, in which the largest names will outperform. However, strong rare major four-star resistance persists at…

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