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

S&P, yesterday’s close: Settle at 6388.25, down 25.00

NQ, yesterday’s close: Settled at 23,219.75, down 104.25

Fed Chair Powell is due to give his keynote speech at Jackson Hole at 9:00 am CT. His prepared remarks are typically released before the speech, so traders should keep an ear to the ground leading up to it. Outside of the Nonfarm Payroll job revisions, the economic data of late has been strong; Supercore CPI rose at the fastest pace since January, PPI was hot, and Flash PMIs for August yesterday showed remarkable strength. Furthermore, the impact of President Trump’s tariffs, transitory or not, has yet to be fully felt. It is not our opinion whether they will be felt or not, but it is a hill that Fed Chair Powell stood proudly on. The day does not end after his speech, because President Trump is now scheduled to make an announcement at 11:00 am CT.

E-mini S&P and E-mini NQ futures finished lower yesterday, but within Wednesday’s range. First key resistance in the E-mini S&P held early yesterday at 6412.25-6413.50, as did major three-star resistance in the E-mini NQ at 23,329-23,370. We will closely monitor these levels as the session gets underway, if price action clears them and holds above, it will work to neutralize the healthy pullback. Still, in the E-mini S&P, the next two waves of resistance hold significance in defining this three-day stretch. Price action is currently above our Pivot and point of balance, but this pocket will remain crucial, helping to determine whether buyers or sellers have the upper hand as the morning unfolds, coming in at…

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