E-mini S&P Hits New Record as Tech Prepares to Lead: Earnings Season Kicks Off

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

• NQ, yesterday’s close: Settled at 20,619.25, up 169.25
• S&P, yesterday’s close: Settled at 5908.25, up 48.50

E-mini S&P futures set another record high, and the E-mini NQ finally cleared its September 26th high. All things considered, we have a formidable breakout on our hands in the E-mini S&P, and now that the E-mini NQ is trading at its highest since July 16th, it can take the baton. Bill Baruch joined the CNBC Halftime Report yesterday (video above). He noted the underperformance in Mag 7 stocks relative to the S&P despite rising earnings expectations and how this opens the door for Tech leadership into yearend.

We are diving headfirst into earnings season, and the banks continue to impress. Goldman Sachs, Bank of America, and Citigroup all beat top and bottom line estimates and are trading higher ahead of the bell. United Healthcare beat but underwhelmed on guidance and is trading lower ahead of the bell, along with Johnson & Johnson.

NY Empire State Manufacturing missed largely this morning. We look to NY Fed 1-year Inflation Expectations after the Michigan Consumer read came in higher on Friday. Traders also want to keep an ear to the ground for Fed speak.

Price action in E-mini S&P futures is trying to raise the floor, and we now have major three-star support at 5883-5888.75. However, a steady tape today will lift that to 5898.75-5903.75. Within the E-mini NQ, we must see a follow-through that chews through yesterday’s spike resistance at 20,666-20,680. Steady price action at and above our Pivot and point of balance through the first hour will help stoke higher prices, but a break below major three-star support at…

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