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

S&P, yesterday’s close: Settled at 6016, up 3.00

NQ, yesterday’s close: Settled at 21,159.50, down 30.00

E-mini S&P and E-mini NQ futures remain buoyant ahead of today’s slate of Producer Prices and Initial Jobless Claims. Both reports are due at 7:30 am CT and PPI comes on the heels of yesterday’s Consumer Price Index data that was largely in line with expectations. Although pre-rounding, it was a touch higher, markets viewed the data as a relief with many participants believing the number could run a hotter than estimates. In fact, in relief of such, the CME Group’s FedWatch Tool has shown the probability of a 25bps cut at the Fed’s December meeting up to 82.5%, up from 62% yesterday morning before CPI, before settling in at 79% this morning.

On CNBC Halftime Report Bill Baruch covered Trump Trades, sector rotations and one name he thinks will outperform the Nasdaq from here to yearend.

E-mini S&P and E-mini NQ futures continue to consolidate at record levels, clinging to one of the most impressive breakouts in history. Ultimately, both indices are creating a pennant and more often than not pennants resolve in the underlying direction. While this certainly supports the bull case, we do believe the market is exhibiting some exhaustion and in order for a more sustainable rally through year-end, a pullback is needed. Overhead resistance is defined in our levels below, the lines are drawn in order to continue to melt-up in the case of breaking north of the pennant. On the other end, dips through the first half of the week have been quickly defended and this brings an adjusted major three-star support to.. 

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