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Posted September 15, 2025 at 10:45 am
S&P, last week’s close: Settled at 6588.25, down 4.25 on Friday and up 98.50 on the week
NQ, last week’s close: Settled at 24,113.25, up 95.50 on Friday and 429.25 on the week
E-mini S&P and E-mini NQ futures had record weekly settlements on Friday. The melt higher came on the heels of CPI data on Thursday, which was largely in line with expectations, and ahead of the Fed’s two-day policy meeting that begins tomorrow. According to the CME FedWatch Tool, a 25bps cut on Wednesday is fully discounted, and three 25bps cuts through December, one at each meeting, are priced in with a 78.2% probability.
U.S. and Chinese officials have been holding trade talks in Madrid, with TikTok a topic of interest. Ahead of the meetings, China announced an anti-dumping prob into the U.S. semiconductor industry. Furthermore, NVDA was in the crosshairs this morning after China accused the company of violating anti-monopoly laws.
On the economic calendar, NY Empire State Manufacturing data, fresh for September, came in at -8.70 versus +4.30 expected. Retail Sales for August is due tomorrow at 7:30 am CT.
Friday is triple witching, marking the expiration of September futures and options. As always, we begin using the new contract on Tuesday of roll week, in this case, December. September E-mini S&P futures traded to a high of 6606 on Friday before pulling back into settlement and recovering to new highs ahead of today’s opening bell. E-mini NQ futures have also set a fresh record high. As today gets underway, our Pivot and point of balance comes in at..
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Originally Posted on September 15, 2025 – Record High Weekly Settlements for E-mini S&P and NQ Ahead of Fed Meeting
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