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

S&P, yesterday’s close: Settled at 6472.75, down 44.75 on Friday and 10.50 on the week

NQ, yesterday’s close: Settled at 23,461.75, down 307.25 on Friday and 108.00 on the week

E-mini S&P and E-mini NQ futures peeled back on Friday’s month-end, and were quiet through the Labor Day holiday trade, until slipping on the European open this morning. Yields across the U.K., France, and Japan are surging, with the respective 30-year issuance hitting 27, 16, and 19-year highs. Each country finds itself in political turmoil, also weakening the currency and strengthening the U.S. Dollar. It is notable, the U.S. Dollar has had a strong negative correlation with the S&P.

This sets the stage for a volatile week, which includes a deluge of economic data, beginning with the August ISM Manufacturing report this morning at 9:00 a.m. CT and concluding with Nonfarm Payrolls on Friday. Today’s calendar also boasts final SPGI Manufacturing for August, updated Atlanta Fed GDPNow at noon CT, and a scheduled presser from President Trump at 1:00 pm CT.

E-mini S&P and E-mini NQ futures are trading below Friday’s low, which now aligns as resistance. The E-mini S&P is probing major three-star support at 6427.50-6432.50, a level that held early last week, and the E-mini NQ has broken through a critical area at 23,370-23,390. Although we have several levels of key support below here, if the E-mini S&P decisively breaks this support through the opening hour of trade today, the door is open for it to test major three-star support at…

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