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

S&P, yesterday’s close: Settled at 6248.75, down 5.00

NQ, yesterday’s close: Settled at 22,692.75, down 200.50

Happy 4th of July. Today will be a holiday-shortened-session with equity indices closing at 12:15 pm CT, but the June Nonfarm Payrolls Report is due at 7:30 am CT. Expectations are for 111k jobs created and the Unemployment Rate to tick up from 4.2% to 4.3%. Wage Growth was strong in May at +0.4% m/m, and while that growth is expected to temper at +0.3%, that would still be a firm rise given the base comparison. However, Wage Growth y/y is expected to be flat at +3.9%.

Price action in E-mini S&P futures continues to trade against rare major four-star resistance, aligning with the September contract record high at 6278.75-6285. The E-mini NQ rebounded yesterday and is trading into resistance aligning with the June monthly settlement, its prior record high, and the newly achieved mark at 22,871-22,934. These are the lines in the sand; a strong weekly close today will provide the steam for the next leg higher. Our Pivot and point of balance is detailed below, and will be critical in defining today’s momentum. In the case of a pullback, we do have key resistance aligning with yesterday’s opening range high, and major three-star support adjusted slightly at….

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