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

S&P, yesterday’s close: Settled at 6401.50, up 5.25

NQ, yesterday’s close: Settled at 23,377.50, up 66.75

E-mini S&P futures set yet another record high yesterday, and again overnight. E-mini NQ futures came up a quarter point shy yesterday but hung around the rim for cleanup duty overnight. We are in the summer doldrums, the grind higher with little volatility is real. Will some buyer exhaustion emerge after achieving our next major three-star resistance in the E-mini S&P?

Today’s economic calendar brings Durable Goods Orders at 7:30 am CT. The headline read came in less worse than expected at -9.3% m/m versus -10.4%.

Yes, the E-mini S&P tagged major three-star resistance at 6420.25 overnight, trading to 6421.25, and the E-mini NQ cleared its previous high of 23,425, trading to 23,442. There was a slight pullback from session highs ahead of the close yesterday, and those settlements will align to create our Pivot and point of balance. First key support in the E-mini S&P comes in at 6396.25, and in the E-mini NQ at 23,293-23,310. These support levels held the opening bell range low yesterday, but a decisive violation could encourage some profit taking ahead of the weekend. If price action remains as constructive as it has been and the tape levitates once again, our next major three-star resistance levels come in at…

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