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Grinding Higher: Bulls Hold the Line Ahead of Fed Day

Posted July 29, 2025 at 10:00 am

Blue Line Futures

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

S&P, yesterday’s close: Settled at 6422.75, down 2.25

NQ, yesterday’s close: Settled at 23,491.25, up 70.00

Yesterday, E-mini S&P and E-mini NQ futures retreated from the higher Sunday night open before buyers reemerged in the final minutes. The E-mini S&P did briefly trade through Friday’s settlement, but that late session strength helped reinvigorate the bullish summer grind, with price action levitating into U.S. hours and the morning’s deluge of earnings. UNH, UPS, MRK, and SPOT are notable companies to have already reported. Each is lower, after leaving something to be desired. We now await BA this morning and V and SBUX after the bell. Additionally, the economic calendar boasts home price data at 8:00 am CT, CB Consumer Confidence and JOLTS Job Openings at 9:00 am CT, updated Atlanta Fed GDPNow at 10:30 am CT, and a 7-year Treasury Auction at noon CT. All of this comes ahead of tomorrow’s Federal Reserve policy decision.

E-mini S&P and E-mini NQ futures are testing major three-star resistance this morning at 6445 and 23,610, which are 100% extensions of recent ranges in which we deemed critical. The E-mini S&P settled right at the major three-star support pocket of 6420.25-6425, and this will continue to stand as first support and a major three-star level. First key support in the E-mini NQ will also be yesterday’s settlement at 23,491. Price action is currently out above our Pivot and point of balance, and we will closely monitor these levels; any surrender could reintroduce a similar trade to midday yesterday. Additionally, a hold above these levels at…

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Originally Posted July 29, 2025 – Grinding Higher: Bulls Hold the Line Ahead of Fed Day

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