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

S&P, yesterday’s close: Settled at 6163.00, up 16.25

NQ, yesterday’s close: Settled at 22,250.50, up 18.25

The E-mini S&P tested the upper end of rare major four-star resistance yesterday. Although the SPY and SPX have broken out above not only the December 6th record but also what became a fresh record on January 24th, the March E-mini S&P contract has yet to clear its December 6th high of 6178.75. Some may view this as a divergence, and we find the lag meaningful. If the E-mini S&P cannot decisively breakout, then the others may be in a false breakout. Make no mistake, we are bullish and believe price action is priming for a breakout, but we must be conscious of such a potential divergence. We maintain rare major four-star resistance at 6154-6167, despite yesterday’s spike high of 6166.50. Given the pullback from that level, what matters most today is setting up for a breakout before the end of the week by holding major three-star support at…

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