US stock markets experience dynamic movements as the Emini S&P Futures touched down below 6747, setting sights on 6700/6690, finding strong support at 6680/6670. A recovery happened with a 100-point rise to 6765 after briefly dipping to 6656.
For Emini Nasdaq Futures, strong support at 25050/24950 was reached, rebounding before hitting the initial target of 25250/300, closing near 25228. Resistance is key at 25300/25400, which if rejected, could lead to a dip to 25100/25000, with a break above 25450 signalling further gains.
Emini Dow Jones Futures
Emini Dow Jones Futures approached strong support at 46500/46400, narrowly missing a buying opportunity, recorded at a low of 46574. Resistance stands at 47150/47300, with a break above 47350 indicating a potential upward trend.
Traders must remain cautious, as all investments carry considerable risk. Additional unrelated financial insights continue to show trends in various global markets and currencies.
We saw the buying opportunities we were waiting for in the Emini S&P futures, with a sharp 100-point recovery from the 6670 support zone. The Volatility Index (VIX), which spiked above 25 during last week’s sell-off, has now settled back below 18, suggesting the immediate panic has passed. For now, we see resistance at 6770/80, and a break above 6790 would be the buy signal we need to confirm the next leg up.
Nasdaq futures also found solid ground near 25,000, confirming this as a critical level for bulls to defend. With the market now pricing in an over 80% probability of a Fed rate cut in December, tech and growth-oriented names are finding a bid once again. The key test is overcoming resistance at 25,300/25,400; a move above 25,450 should clear the path toward 25,700.
Dow Shows Notable Strength
The Dow showed notable strength by reversing higher before even testing the key 46,500/46,400 support area we were watching. This suggests that value and industrial sectors held up well during the pullback and could be positioned for a strong finish to the year. The main challenge remains breaking through resistance at the 47,150/47,300 zone to signal that bulls have regained full control.
This market turnaround is supported by the latest economic data, which points toward the “soft landing” scenario we’ve been anticipating. Last week’s October Consumer Price Index report showed inflation cooling to a year-over-year rate of 2.9%, and the jobs report confirmed a slowing but still positive labor market with 160,000 jobs added. These figures give the Federal Reserve a clear runway to start easing policy.
We have seen this pattern before, most notably in late 2023, when the anticipation of a Fed pivot away from rate hikes ignited a powerful year-end rally. Derivative traders should be positioned for a similar dynamic playing out through the remainder of November and into December. Any dips toward recent lows should be viewed as buying opportunities unless we see a decisive break below 6650 on the S&P.
