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

S&P, yesterday’s close: Settled at 6371.00, up 45.75

NQ, yesterday’s close: Settled at 23,422.75, up 290.75

E-mini S&P futures nearly traded within 0.5% of last Thursday’s record high, and the E-mini NQ within 1%. Indices ramped higher yesterday, led by AAPL, which gained 5.1% after it announced an additional $100 billion investment in U.S. manufacturing, totaling $600 billion. AMZN pitched in, adding 4% as it rebounds from its post-earnings swoon. The strength carried in the overnight after President Trump held a press conference highlighting Apple’s investment and announcing a 100% tariff on chips imported into the U.S. Yes, you got that right, counterintuitively the 100% tariff may have bolstered strength in tech as Trump also announced an exemption as long as the company commits to building in the U.S. With conditions for this commitment extremely loose markets have perceived a business friendly and GDP powering program. Although much remains to be seen, and leaves more questions than answers, the current bullish momentum that was reinvigorated Monday is carrying for now. 

Initial Jobless Claims snapped a seven-week streak of beats, and hit a four-week high at still a very subdued 226k, versus 221k expected. Nonfarm Productivity q/q came in stronger at +2.4%, building on a revised lower Q1 at -1.8% versus -1.5%. Unit Labor Costs were in line with expectations +1.6%, building on a revised strong Q1 at +6.9% versus +6.6%. We now look to a deluge of Fed speak and a 30-year Bond auction at noon CT.

E-mini S&P futures have cleared major three-star resistance at 6396.25-6402.50, and this will now act as key support; steady action above here will feed the bullish case, inviting additional buyers. Similarly, E-mini NQ futures cleared major three-star resistance at 23,421-23,483, which will now act as major three-star support as it aligns with settlement. Below, the E-mini S&P has major three-star support aligning with the previous ceiling and will act as a line in the sand defining the immediacy of the bullish momentum, detailed below. Let us not ignore strong overhead resistance, as there is no shortage of damage created from last Thursday’s reversal that must be repaired, and the supply that price action must chew through. We have two levels in proximity for the E-mini S&P at…

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