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

S&P, yesterday’s close: Settled at 5759.75, down 54.50

NQ, yesterday’s close: Settled at 19,975.00, down 286.25

October kicked off with a whirlwind of news. The geopolitical landscape quickly heated up after Iran fired ballistic missiles at Israel yesterday morning, and now Israel has vowed a response. ISM Manufacturing data also released around the same time (9:00 am CT) highlighted a deteriorating landscape, with Prices contracting for the first time this year and the headline number contracting more than expected. However, JOLTs job openings data came in higher than expected, creating an even more challenging backdrop. A data-heavy week will now take a breath after the private ADP Payroll survey came in stronger than expected this morning and before tomorrow’s ISM Services read. While it is clear the market has not taken too favorable to data highlighting deteriorating growth, yesterday’s major driver was geopolitical fears.

E-mini S&P and E-mini NQ futures slipped sharply in the first half of the day, but all things considered, markets held together. In fact, the E-mini S&P stopped just short of rare major four-star support at 5721.25-5726 and ripped as high at 5783.75, where previous support is now major three-star resistance at...

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