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

S&P, Tuesday’s close: Settled at 6098.00, up 62.00

NQ, Tuesday’s close: Settled at 22,028.50, up 275.25

E-mini S&P and E-mini NQ futures surged into the early holiday close on Christmas Eve, kicking off the seasonal Santa Clause Rally. Strength was broad although tech was the clear leader, with participation from Financials (XLF +1.18%) and Industrials (XLI +0.78%). Price action has slipped off that settlement mark slightly overnight ahead of today’s opening bell, but volume is likely to stay at the lighter end given the Boxing Day holiday across much of the world. U.S. weekly Initial Jobless Claims came in slightly better at 219k versus 223k expected, but Continuing Claims rose to 1,910k versus 1,880k expected and 1,864k the prior week. We now look to a 7-year Note auction at noon CT, and as always, traders must keep an ear to the ground for fresh Fed speak.

E-mini S&P futures stayed handedly above the 6033.25-6036 level noted here Tuesday with an opening bell range low of 6042.25. The E-mini NQ did its part trading to an opening bell low of 21,799 and battling to stay out above last Friday’s spike high for the entire session. Given last week’s flush out, as long as the path remains constructive and buyers respond to pullbacks against updated supports below, we believe the strength can continue into the end of the week, setting the groundwork for a big finish to 2024. Today, the utmost construction would happen if price action holds at and above our Pivot and point of balance in the E-mini S&P at…

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