S&P, yesterday’s close: Settled at 5959.75, down 22.75

NQ, yesterday’s close: Settled at 21,447.25, down 79.75

E-mini S&P and E-mini NQ futures slipped overnight, after battling back from a wave of midday selling yesterday. While the market is carving out the reestablishment of its definitive uptrend, one could argue its historic rebound is too much, too quick, and it could use a consolidation lower to rebalance for its next run. There is no irony that this consolidation comes below rare major four-star resistance in the E-mini S&P futures at 6019.50-6040.50, aligning with the February settlement price, while the SPY and SPX did ping that pocket perfectly through Friday and Monday.

E-mini S&P and E-min NQ futures are doing a little back and fill into Monday’s opening bell range. There is well defined support that came into play at that time and received additional volume. In the most constructive manner, the E-mini S&P would respond to major three-star support at 5905-5912.25 and the E-mini NQ to 21,202-21,247. Below there, we have well-defined support in the E-mini S&P aligning with Thursday’s midday strength and the Sunday night low, detailed in our levels below. For the E-mini NQ, this aligns Tuesday’s follow-through with the Sunday night low. We will look for steady price action above our pivot and point of balance to help shift the momentum back to the buyers, with these levels coming in at…

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