Market Roadmap: Fading Rallies or Trading Dips

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

S&P, yesterday’s close: Settled at 5887.00, unchanged

NQ, yesterday’s close: Settled at 20,368.00, up 18.50

This market has provided a little something for everyone; whether you wanted to fade yesterday’s early rally into rare major four-star resistance at 5930.50-5936 or trade the dip, and we could not have given you the roadmap any better. Yesterday, we said, “the E-mini S&P has set a fresh record high ahead of the opening bell. We have seen many higher opens have a failed reception intraday, so traders want to keep a pulse on the first hour of trade. Tech is the leader, and the E-mini NQ is trading into Tuesday’s opening bell range which brings key support at 20,605 and major three-star resistance at 20.648-20,680. If things sputter out, we will be watching a critical level of major three-star support in the E-mini S&P at 5887-5893.75.” This roadmap played out any perfectly, even to the point that major three-star support held the low of 5886.75 through the morning and 5884.75 later in the session. Overnight, sellers pinged our next wave of major three-star support at…

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