ES 7,362 ▼ 0.42%NQ 29,850 ▲ 0.83%GC 4,358 ▼ 0.56%CL 88.43 ▼ 2.20%VIX 18 ▲ 1.10%● TONIGHT'S MARKET REVIEW PUBLISHES 8:30 PM ETES 7,362 ▼ 0.42%NQ 29,850 ▲ 0.83%GC 4,358 ▼ 0.56%CL 88.43 ▼ 2.20%VIX 18 ▲ 1.10%● TONIGHT'S MARKET REVIEW PUBLISHES 8:30 PM ET
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S&P Futures 7,777.25: Long 7,748 to 7,756 Above 7,720

Market OutlookPublished For the session62 min readby AlgoIndex Research Team
S&P Futures 7,777.25: Long 7,748 to 7,756 Above 7,720

December S&P futures settled at 7,777.25 after an 87-point day with a higher high and low. Levels, the 7,748 to 7,756 long and Monday's services test.

At 8:30 AM ET on Friday the December S&P 500 contract opened its half-hour bar at 7,765.75. Thirty minutes later it closed at 7,797.25, after touching 7,800.00. That bar coincided with the employment report, which showed payrolls up 29,000 against a 90,000 forecast, per the news-feed calendar. The 10:30 AM ET bar then printed the session high of 7,810.25. The next bar gave back 56.25 points. The review links the report and the bar by timing alone, and this article makes no stronger claim.

December E-mini futures settled at 7,777.25 at 4:00 PM ET, up 53.25 points or 0.69 percent from Thursday's 7,724.00. The daily row spans 7,810.25 to 7,723.25, an 87.00 point range, 1.07 times the 14-day average daily range of 81.64 points. Higher high, higher low. It was a second consecutive higher settle, the largest one-day gain since the 121.00 point advance of 09/21 and the highest settle since the 7,803.75 settle of 09/25, and the settle finished at 62.1 percent of the range. The cash index closed at 7,722.72, up 0.73 percent, which provider commentary described as a one-week high.

At a glance

December S&P 500 futures settled at 7,777.25, 7.00 points above the 7,770.25 Pivot Point and above every settlement average. The 9-day average crossing at 7,754.84, the 11:00 AM ET pullback low at 7,754.00 and one standard deviation support at 7,753.02 sit within two points of one another, around the positioning note's 7,700 key strike in cash. The primary setup is a long from 7,748 to 7,756, stop 7,720, targets 7,784, 7,816 and an extended 7,848. The model lines sit lower. The cash index closed 32.72 points above the 7,690 reference level, 42.72 points above the 7,680 modeled volatility threshold and 101.72 points above the 7,621 modeled gamma-flip level. Globex reopens at 6:00 PM ET Sunday after two days of headline exposure, and Monday's first-order event is the 10:00 AM ET services survey, per the news-feed calendar and unconfirmed.

Friday's short card against a 7,810.25 high

Friday's outlook set a short from 7,744 to 7,752, stop 7,778, targets 7,718, 7,688 and 7,658. Friday's completed bar, from tonight's review and the provider's dated 2026-10-02 row, opened at 7,724.00, fell to 7,723.25, reached 7,810.25 and settled at 7,777.25. The two sources agree. The whole band traded. The high went 58.25 points through the 7,752 top of the zone and 32.25 points through the 7,778 stop. No target traded; the 7,723.25 low sat 5.25 points above the 7,718 first target.

The 30-minute series shows the order. The 7,723.25 low printed in the 6:00 PM ET Thursday bar, before the band was reached. The 12:00 AM ET bar was the first to reach the band; its 7,746.50 high sat 2.50 points inside it. The 1:00 AM ET bar was the first to trade above the 7,752 top, at 7,754.25. No fill or result is asserted.

Then the acceptance line came into play. The card said the edge is removed by two consecutive 30-minute closes above the 7,753.48 threshold pair. The 3:30 AM ET bar closed at 7,755.75 and the 4:00 AM ET bar at 7,757.25, 2.27 and 3.77 points above the line. That pair met the condition, which removed the edge on the card's own terms. No bar before the 8:30 AM ET bar traded above 7,765.75. The 8:30 AM ET bar reached 7,800.00, through the 7,778 stop, and the 7,810.25 high came in the 10:30 AM ET bar.

The settle invalidation was met. The card named a settle above two standard deviations resistance at 7,773.66. The 7,777.25 settle finished 3.59 points above it, 25.25 points above the top of the zone and 0.75 points beneath the 7,778 stop level. The 7,688 second target and the extended 7,658 sat beneath the whole session.

The ranges missed on the upside. In Friday's outlook we gave 7,675 to 7,770 as the most likely band. The high cleared its top by 40.25 points and the settle by 7.25, while the low held inside it. The high-range case of 7,645 to 7,800 broke by 10.25 points at the top, and the one-range envelope of 7,647.10 to 7,800.90 by 9.35. The low-range case of 7,700 to 7,750 broke by 60.25.

The deviation bands broke the same way. The high cleared one standard deviation resistance at 7,759.12 by 51.13 points, two at 7,773.66 by 36.59 and three at 7,784.83 by 25.42, while the 7,723.25 low stayed inside all three bands. Session by session, none of four held. The Globex bars from the reopen through the 2:30 AM ET bar spanned 7,723.25 to 7,754.25 against the 7,705 to 7,745 band we published, 9.25 points over the top. London's bars, from 3:00 AM ET through the 7:30 AM ET bar, ran 7,741.25 to 7,765.75 against 7,700 to 7,750. That missed by 15.75. The morning bars reached 7,810.25, 40.25 points over 7,770, and the afternoon bars, 7,765.50 to 7,783.75, sat wholly above 7,680 to 7,760.

The weighted path missed as well. Friday's outlook weighted a rebound that stalls between the 7,744.02 retracement and the 7,753.48 threshold pair above a break through Pivot R1 at 7,770.25. The 8:30 AM ET bar was the first to trade above 7,770.25. The card's macro override named a soft employment report that extends the yield reversal and lifts the cash index above the 7,695 modeled volatility threshold, with the 7,773.66 to 7,816.50 band as the reference. The report was soft. The ten-year yield index closed five basis points higher at 5.28 percent, so the yield reversal did not extend. The cash index closed 27.72 points above 7,695, and its 7,700.51 session low held 5.51 points above it. The 7,810.25 futures high and the 7,777.25 settle both sat inside the override band.

Friday's path reads off the series in three parts. The session opened at 7,724.00 at the Thursday 6:00 PM ET reopen, and its first bar printed the 7,723.25 low, three quarters of a point beneath Thursday's settle. The night climbed in small steps: 7,742.00 in the 10:30 PM ET bar, 7,750.00 in the 12:30 AM ET bar and 7,754.25 in the 1:00 AM ET bar. Europe added to it. The 3:30 AM ET bar reached 7,760.75, the 4:30 AM ET bar 7,764.75 and the 5:00 AM ET bar 7,765.75. The 6:00 AM ET bar dipped to 7,749.00, and the 8:00 AM ET bar closed at 7,765.25.

Then the report bar. The 8:30 AM ET bar traded between 7,764.25 and 7,800.00 and closed at 7,797.25. After the 9:30 AM ET cash open the 10:00 AM ET bar reached 7,808.75, and the 10:30 AM ET bar printed the 7,810.25 high before closing at 7,793.00. The 11:00 AM ET bar fell to 7,754.00 and closed at 7,771.00. From the 11:30 AM ET bar through the 3:30 PM ET bar the contract held between 7,764.00 and 7,783.75. The 3:30 PM ET bar closed at 7,779.00 ahead of the 7,777.25 settle. After the settle the 4:00 PM ET bar reached 7,784.50 and the 4:30 PM ET bar closed at 7,776.50. Globex does not reopen until 6:00 PM ET Sunday.

Higher on both ends. The high sat 42.50 points above Thursday's 7,767.75 and the low 50.50 points above Thursday's 7,672.75. The 7,810.25 high was the highest print since the 7,814.75 high of 09/25. The week's settlements ran 7,746.75, 7,732.00, 7,715.50, 7,724.00 and 7,777.25, so the contract lost 26.50 points, or 0.34 percent, from the 7,803.75 settle of 09/25. The prior week, September 21 through September 25, spanned 7,848.50 to 7,707.25. Friday's settle sits inside it, 71.25 points beneath its high.

The 7,770.25 pivot and the 7,753.02 to 7,754.84 band

The basis does the translating. Friday's 7,777.25 settle less the 7,722.72 cash close, both at 4:00 PM ET, measures 54.53 points, against 57.55 on Thursday. The positioning note uses its own fixed 56.7 offset, and its published futures pairs carry that figure. Its 7,680 modeled volatility threshold carries a source pair of 7,736.70, its 7,621 modeled gamma-flip level 7,677.70 and its 7,500 put-side support base 7,556.70.

Support starts close. The Pivot Point at 7,770.25 (cash 7,715.72) sits 7.00 points beneath the settle, inside Friday's 7,764.00 to 7,783.75 afternoon band. Then the band. The 9-day average crossing at 7,754.84, the 11:00 AM ET pullback low at 7,754.00 and one standard deviation support at 7,753.02 sit within two points of one another, around the note's 7,700 key strike in cash. In cash terms the two published levels read 7,700.31 and 7,698.49.

A tighter group sits beneath. The 38.2 percent retracement from the four-week high at 7,744.02, two standard deviations support at 7,742.98, the 5-day average at 7,739.10, the 50-day at 7,737.57, the 7,736.70 threshold pair, the 20-day at 7,736.66 and three standard deviations support at 7,735.27 span 8.75 points. The 18-day average crossing sits at 7,734.54. Pivot S1 at 7,730.25 (cash 7,675.72) comes next, then Friday's 7,723.25 low (cash 7,668.72), the session base.

The tail runs lower. The 50 percent retracement of the four-week range sits at 7,711.75, the prior week's low at 7,707.25 and the 38.2 percent retracement from the 13-week high at 7,706.74. A one-range frame from the settle bottoms at 7,699.63. Pivot S2 at 7,683.25 (cash 7,628.72), the 7,677.70 gamma-flip pair and Thursday's 7,672.75 low follow, with the 100-day average at 7,669.62 and Pivot S3 at 7,643.25 beneath. The put-side base pair sits at 7,556.70 and the 200-day average at 7,359.63.

Resistance starts at the post-settlement print. The 4:00 PM ET bar reached 7,784.50, and the published target price sits at 7,787.89 (cash 7,733.36). The stochastic 80 percent threshold at 7,793.80 and one standard deviation resistance at 7,801.48 (cash 7,746.95) come next. Then a pair. Friday's 7,810.25 high (cash 7,755.72) and two standard deviations resistance at 7,811.52 sit 1.27 points apart, with Pivot R1 at 7,817.25 (cash 7,762.72) and three standard deviations resistance at 7,819.23 directly above.

Higher references are extended. The one-month high at 7,848.50 (cash 7,793.97) sits near the note's 7,800 cash resistance, and the one-range frame tops out at 7,854.87. Pivot R2 at 7,857.25 and Pivot R3 at 7,904.25 sit beneath the 7,905.00 52-week high, 127.75 points above the settle. The largest gamma concentration pair sits at 8,056.70 (cash 8,000) and the call-side ceiling pair at 8,156.70 (cash 8,100).

Every average sits beneath. The 5-day at 7,739.10 is 38.15 points under the settle, the 9-day at 7,763.39 is 13.86 under, the 20-day at 7,736.66 is 40.59 under and the 50-day at 7,737.57 is 39.68 under. The 100-day sits at 7,669.62, 107.63 points beneath, and the 200-day at 7,359.63. The 20-day and 50-day sit within one point of each other.

The short averages fell on a 53.25 point gain. The 5-day dropped 5.30 points from Thursday's 7,744.40 because the 09/25 settle of 7,803.75 left its window and 7,777.25 replaced it. The 9-day fell 6.25 from 7,769.64 as the 09/21 settle of 7,833.50 left, and the 20-day fell 2.24 from 7,738.90 as the 09/03 settle of 7,822.00 left. The 9-day sits 24.29 points above the 5-day. Arithmetic explains it. The four settles from 09/22 through 09/25 that the 9-day holds and the 5-day does not averaged 7,793.75. For Monday, the averages would be crossed at 7,754.84 for the 9-day, 7,734.54 for the 18-day and 7,763.58 for the 40-day.

Momentum sits above the midline. Relative strength reads 55.10 on the 9-day, 53.39 on the 14-day and 52.95 on the 20-day. The 14-day raw stochastic reads 73.95 percent, with %K at 59.93 percent above %D at 57.18 percent. The directional system still reads negative direction slightly above positive direction, with a low trend reading. On the 9-day, negative direction at 21.33 leads positive at 19.31 with the index at 16.65, and on the 14-day 22.04 leads 19.15 with the index at 13.35. Historic volatility reads 7.17 percent on the 9-day and 10.27 percent on the 14-day. These readings are as published for the Friday session, read with the Friday settle as the latest value because no Globex session has reopened.

The composite multi-indicator read turned to 16 percent buy from 8 percent sell, with signal strength minimum and direction average. It read 56 percent buy a week ago and 24 percent buy a month ago. The groups split. The short-horizon group averages 20 percent sell, the medium-horizon group 25 percent buy and the long-horizon group 67 percent buy, and the composite trend indicator reads hold.

Ranges ran wide of the averages. The 14-day average true range stands at 77.62 points and the 14-day average daily range at 81.64; the 9-day figures are 78.60 and 73.22 and the 20-day figures 77.80 and 77.32. A projection of one 14-day average true range from the settle frames Monday between 7,699.63 and 7,854.87. The published deviation bands are narrower, built from five settlements. One deviation spans 7,753.02 to 7,801.48, two 7,742.98 to 7,811.52 and three 7,735.27 to 7,819.23. They describe settlement dispersion, not intraday reach, and a weekend gap can open outside them.

Zoom out. The settlement sequence from 09/18 reads 7,712.50, 7,833.50, 7,831.75, 7,772.50, 7,767.00, 7,803.75, 7,746.75, 7,732.00, 7,715.50, 7,724.00 and 7,777.25. Daily ranges for the last seven sessions ran 76.25, 66.25, 77.00, 58.50, 76.50, 95.00 and 87.00 points. Three retracements sit beneath. The retracement grid published for Monday places the 38.2 percent line from the four-week high at 7,744.02, the 50 percent line of the four-week range at 7,711.75 and the 38.2 percent line from the 13-week high at 7,706.74. No prior-quarter high or low and no four-hour series were captured for this session, so the 30-minute series is the only intraday evidence used.

A 29,000 payroll print, a 5.28 percent yield and an 87-point day

The report came first. The employment report at 8:30 AM ET, which the calendar lists, showed payrolls up 29,000 against a 90,000 forecast and 162,000 previously and the unemployment rate at 4.2 percent against 4.1 percent. Average hourly earnings rose 0.1 percent on the month against a 0.3 percent forecast and 3.0 percent on the year, all per the news-feed calendar. Provider commentary said August payrolls were revised to 133,000 from 162,000. Factory orders at 10:00 AM ET, which the calendar lists, rose 0.1 percent against a 0.2 percent forecast, per the news-feed calendar.

Rates did not follow the equity rally. Provider commentary said the soft report bolstered speculation that the Federal Reserve will not be forced to raise rates this month, and the positioning note said the priced chance of an October increase fell below 25 percent. The ten-year yield index still closed five basis points higher at 5.28 percent. Provider commentary said Treasury yields erased an early decline and that a regional Federal Reserve president said at least another 50 basis points of increases may be needed. Two more voices followed. Another regional president said at 3:06 PM ET that inflation is going the wrong way. A minute later the chair of the Council of Economic Advisers said inflation is coming down sufficiently fast. The dollar index slipped 0.17 percent to 101.93.

The model now has the index on its supportive side. The cash close of 7,722.72 sits 32.72 points above the note's 7,690 reference level, bearish beneath and bullish above. It sits 42.72 points above the 7,680 modeled volatility threshold and 101.72 above the 7,621 modeled gamma-flip level. The gamma index reads 0.891 and gamma tilt 1.073. Index notional turned positive. It reads plus 105.785 million dollars, while the largest S&P 500 exchange-traded fund's reads minus 1.067 billion dollars. The 25-delta risk reversal on the index reads minus 0.041. In this review's interpretation the close above the reference level, the modeled volatility threshold and the modeled gamma-flip level, with the index gamma notional turning positive, places the index inside the supportive part of its positioning map for Monday, while the negative notional on the fund leaves room for wider moves if 7,680 in cash gives way.

Put volume led. Index put volume of 996,700 contracts exceeded call volume of 765,788, and put open interest of 13.228 million exceeds call open interest of 9.279 million. Then the console. A positioning console for the cash index, dated 2026-10-02, shows call gamma of 5.8 billion against put gamma of minus 1.8 billion and attributes 8.68 percent of the index's gamma and 1.28 percent of its delta to the nearest expiration. The positioning note said real-time hedging flow on the S&P 500 registered plus 4 billion dollars of delta on the day, mainly from same-day options. That is the note's reading.

The note's narrative said the index traded a 70 basis point range. It said 10,000-lot same-day put spreads at 7,700 in cash provided the exact low of the day and 5,000-lot same-day call spreads at 7,750 provided resistance, and that those positions shifted during the session. The provider's daily record gives the cash session extremes as 7,700.51 and 7,754.67. The note also said fixed-strike implied volatilities on the index fell 1 to 3 points across strikes after the report, as event volatility was released and same-day option sellers stepped in ahead of the weekend, and that dealer hedging made market makers net buyers of futures.

Then the note's own map. It lists resistance at 7,750 and 7,800 and support at 7,690, 7,600 and 7,400, with key strikes at 8,000, 7,000, 7,700 and 7,600. Its highest-conviction combination levels are 7,498 (99.11), 7,797 (98.91), 7,597 (98.86), 8,004 (98.70), 7,827 (98.27), 7,628 (98.14) and 7,728 (97.55). Scores run from 97.55 to 99.11. The largest gamma concentration sits at 8,000, the primary call-side ceiling at 8,100 and the primary put-side support base at 7,500.

The note's reference column is Thursday's close. Its 7,666 cash reference equals Thursday's 7,666.45 close, and 7,666 plus the note's stated 0.7 percent gain approximates the 7,723 close it reports, against the provider's 7,722.72. Every futures figure in the note is its cash figure plus 56.7 points, the source's own offset, so cash equivalents here use the 54.53 basis measured Friday. The implied one-day move is 0.62 percent and the five-day move 1.59 percent. Applied to the 7,722.72 cash close, the one-day figure spans 7,674.84 to 7,770.60. The note's own pair of 7,685.11 and 7,780.99 is centred on neither close, so it is not used as a range anchor.

Volatility eased. The volatility index closed at 15.31, down 1.08 points, and its own volatility gauge at 87.02.

Crude fell 1.90 percent. November crude settled at 91.11, and provider commentary said the drop helped equities. Provider commentary on crude cited a coordinated release of strategic reserves and press reports that Saudi Arabia plans an offensive against Houthi militants in Yemen. The President said at 3:58 PM ET that Iran is not doing well and at 4:00 PM ET that a diesel export ban will not be imposed. December gold fell 0.95 percent to 4,162.3.

Technology led. The Nasdaq-100 cash index rose 1.00 percent against 0.73 percent for the S&P 500, the semiconductor index rose 2.40 percent, and provider commentary said the Dow industrials rose 0.49 percent. The positioning note said the large-capitalisation technology group and the semiconductor fund each rose about 2 percent and that the largest Nasdaq-100 exchange-traded fund set a record high, led by two large chip designers. A large electric-vehicle maker reported third-quarter deliveries of 486,532 units against an estimate of 456,896, per the news feed. No advance-decline or sector breadth series was captured, so breadth beyond those index readings is not asserted.

Activity fell. Volume was 1,763,233 contracts on Friday's dated row against 2,214,495 on Thursday's. Open interest stood at 1,885,994 on Thursday's row; Friday's had not been reported, so no change in open interest is asserted. The weekly futures positioning report covering September 29 was carried on the news feed at 3:41 PM ET, but its S&P contract figures were not captured.

The trade map for Monday

The primary setup is a long from 7,748 to 7,756. Friday produced a second consecutive higher settle, the highest since 09/25, above every settlement average, and the cash index closed above the note's 7,690 reference level and the 7,680 modeled volatility threshold. The band sits beneath. A pullback into it would meet one standard deviation support at 7,753.02 and the 9-day average crossing at 7,754.84, around the note's 7,700 key strike in cash. The stop sits at 7,720, 3.25 points beneath the 7,723.25 Friday low and beneath Pivot S1 at 7,730.25. The targets step up: 7,784, then 7,816, then an extended 7,848. The composite read is only 16 percent buy with minimum strength, so the review labels the setup an analyst judgment that the positioning backdrop outweighs a weak trend signal.

Primary setup for Monday
Direction
Long
Entry Zone
7,748 to 7,756 (cash 7,693.47 to 7,701.47)
Stop Loss
7,720 (cash 7,665.47), 3.25 points beneath the 7,723.25 Friday low and beneath Pivot S1 at 7,730.25
Target 1
7,784 (cash 7,729.47), 3.89 points beneath the 7,787.89 target price
Target 2
7,816 (cash 7,761.47), 1.25 points beneath Pivot R1 at 7,817.25
Target 3 (extended)
7,848 (cash 7,793.47), 0.50 points beneath the 7,848.50 one-month high
Risk-to-Reward
Approximately 1:1 to T1, 1:2 to T2 and 1:3 to T3, measured from the 7,752 midpoint of the entry zone against the 7,720 stop, a risk of 32 points
Invalidation
A settle beneath Pivot S1 at 7,730.25 negates the thesis. Short of that, the edge is removed by acceptance beneath 7,735, defined as two consecutive 30-minute closes beneath 7,735; a touch alone does not remove it
Macro override
A weekend geopolitical shock or a jump in yields after the services survey that takes the cash index back beneath the 7,680 modeled volatility threshold would remove the positioning support. In that scenario the long is wrong immediately, and the 7,683.25 to 7,643.25 band becomes the reference within one 14-day average true range of 77.62 points

From the 7,752 midpoint the risk to the stop is 32 points, 41.2 percent of the 14-day average true range of 77.62. The targets sit 32, 64 and 96 points above that midpoint. Exact multiples of the risk. The settle sits 21.25 points above the top of the band, and the review frames the entry as a pullback into it. A one-range frame from the settle spans 7,699.63 to 7,854.87. It holds the band, the stop and all three targets. The published one-deviation band is tighter, 7,753.02 to 7,801.48. Its lower edge sits inside the entry band, 2.98 points beneath the top, and its upper edge 17.48 points above the first target.

The scenario ranges are analyst judgment. None carries a calibration. The low-range case runs 7,750 to 7,805, the most likely 7,735 to 7,820 and the high-range case 7,700 to 7,855. Session by session the review expects roughly 7,750 to 7,800 through Globex, with a constructive bias above 7,753.02, and 7,755 to 7,805 through London, with a neutral to higher bias. The morning band is 7,745 to 7,820 and the afternoon 7,755 to 7,810 into the 4:00 PM ET settle.

The weekend comes first. Globex reopens at 6:00 PM ET Sunday after two days of headline exposure. The President is listed to speak at 7:00 PM ET Friday, after the review was written, per the news-feed calendar and unconfirmed. Japanese services purchasing managers' data are listed at 8:30 PM ET Sunday, per the news-feed calendar and unconfirmed. Gap references above the settle are the 7,787.89 target price, 7,801.48 and the 7,810.25 high; beneath it, the 7,770.25 Pivot Point, the 7,753.02 to 7,754.84 band and Pivot S1 at 7,730.25.

Europe brings three items. Final services purchasing managers' surveys for the euro area and the United Kingdom are listed between 3:50 AM ET and 4:30 AM ET, and euro-area producer prices at 5:00 AM ET, all per the news-feed calendar and unconfirmed. Friday's European hours lifted the contract to 7,765.75 by the 5:00 AM ET bar.

Then the first-order event. The services survey from the purchasing managers' institute is listed at 10:00 AM ET, forecast 55.2 against 55.4, with its employment component forecast at 49 against 47.8, per the news-feed calendar and unconfirmed. The cash open at 9:30 AM ET sets the session's first directional test. The review reads the survey through the ten-year yield. Friday's high came in the 10:30 AM ET bar and was followed by a 56.25 point pullback in the 11:00 AM ET bar, so the review sees two-way risk around the 7,810.25 high in the morning. The calendars carry no mega-capitalisation earnings entry for Monday; the positioning note lists bank earnings on 10/13 among its key dates, per the note and unconfirmed.

The afternoon closes the session. The contract settles at 4:00 PM ET, and Friday's afternoon held a 7,764.00 to 7,783.75 band before the settle. The trade balance follows at 8:30 AM ET on October 6, 2026, and the minutes of the September policy meeting at 2:00 PM ET on October 7, 2026, both as the calendar lists them.

One path is weighted. In this review's analyst judgment the most probable path holds the reopened contract above the 7,753.02 to 7,754.84 band through the Asian session, with a retest of the 7,801.48 to 7,811.52 resistance band through the United States morning. That reading rests on a settle above every settlement average, the cash close above the note's 7,690 reference level and the 7,680 modeled volatility threshold, and a positive index gamma notional. No measured frequency backs it. The composite read of only 16 percent buy with minimum strength, and negative direction still marginally above positive direction, is the review's reason for caution beneath Pivot R1 at 7,817.25. The alternative that would invalidate this reading is a weekend shock that gaps the contract beneath Pivot S1 at 7,730.25.

Friday's 11:00 AM ET pullback stopped at 7,754.00, and Monday's long band tops out 2.00 points above it.

The complete data picture

Every number behind Monday’s plan, charted first, then the full level lists, then the complete numeric reference underneath.

Level map
December E-mini, every reference from 7,694 to 7,826 to scale
7,819.23 3 standard deviations7,811.52 2 standard deviations7,801.48 1 standard deviation7,787.89 Target price7,783.75 Afternoon band top7,765.75 5:00 AM ET bar high7,763.58 40-day crossing7,754.84 9-day crossing7,753.02 1 standard deviation7,744.02 38.2 percent, four-week high7,739.10 5-day average7,736.70 Threshold, note pair7,735.27 3 standard deviations7,730.25 Pivot S17,723.25 Friday's low7,707.25 Prior week's low7,699.63 One-range frame low7,817.25 Pivot R17,810.25 Friday's high7,793.80 Stochastic 80 percent7,784.50 Post-settle high7,770.25 Pivot Point7,764.00 Afternoon band low7,763.39 9-day average7,754.00 11:00 AM ET low7,749.00 6:00 AM ET bar low7,742.98 2 standard deviations7,737.57 50-day average7,736.66 20-day average7,734.54 18-day crossing7,724.00 Thursday settle7,711.75 50 percent, four-week7,706.74 38.2 percent, 13-week highFRI SETTLE7,777.25
Friday settle
7,777.25
Direction
Long
Entry band
7,748 to 7,756
Stop
7,720
beneath 7,723.25
Resistance above, nearest last
7,801.48
One standard deviation resistance (cash 7,746.95); on the chart, 1 standard deviation
+24.23
7,793.80
Stochastic 80 percent threshold (cash 7,739.27)
+16.55
7,787.89
Published target price for Monday, the T1 reference (cash 7,733.36)
+10.64
7,784.50
Post-settlement high, set in the 4:00 PM ET bar
+7.25
7,783.75
Top of the afternoon band, the 11:30 AM ET to 3:30 PM ET bars
+6.50
Friday settle
7,777.25
Support below, nearest first
7,770.25
Pivot Point, 7.00 points beneath the settle (cash 7,715.72)
-7.00
7,765.75
European-hours high, set in the 5:00 AM ET bar
-11.50
7,764.00
Bottom of the afternoon band
-13.25
7,763.58
40-day average crossing price for Monday
-13.67
7,763.39
9-day settlement average, 13.86 points beneath the settle
-13.86
Five nearest levels on each side. Distances are in points from the settle. The chart shades the 7,748 to 7,756 long entry zone, the 7,783.75 to 7,801.48 first overhead group, the 7,810.25 to 7,819.23 high and Pivot R1 group, the 7,753.02 to 7,754.84 band and the 7,734.54 to 7,744.02 lower group; the scale runs from 7,694 to 7,826, with ticks at 7,700, 7,750 and 7,800. Gaps for the averages are measured from the exact averages.
Every level on the chart (47)
Sorted by price, top down. Gap is the distance from the settle in points.
PriceLevelGap
8,156.70Resistance
Primary call-side ceiling, the note's own pair at its fixed 56.7 offset, an extended reference (cash 8,100)
+379.45
8,056.70Resistance
Largest gamma concentration and key strike, the note's own pair at its fixed 56.7 offset (cash 8,000)
+279.45
7,905.00Resistance
52-week high, 127.75 points above the settle
+127.75
7,904.25Resistance
Pivot R3, the outer rung of the published ladder (cash 7,849.72)
+127.00
7,857.25Resistance
Pivot R2 (cash 7,802.72)
+80.00
7,854.87Resistance
Top of the one-range frame, 77.62 points above the settle
+77.62
7,848.50Resistance
One-month high and the prior week's high, 71.25 points above the settle, near the note's 7,800 cash resistance; the T3 reference (cash 7,793.97)
+71.25
7,819.23Resistance
Three standard deviations resistance, directly above Pivot R1; on the chart, 3 standard deviations
+41.98
7,817.25Resistance
Pivot R1, the T2 reference (cash 7,762.72); on the chart, Pivot R1
+40.00
7,811.52Resistance
Two standard deviations resistance, 1.27 points above Friday's high (cash 7,756.99); on the chart, 2 standard deviations
+34.27
7,810.25Resistance
Friday's session high, set in the 10:30 AM ET bar (cash 7,755.72)
+33.00
7,801.48Resistance
One standard deviation resistance (cash 7,746.95); on the chart, 1 standard deviation
+24.23
7,793.80Resistance
Stochastic 80 percent threshold (cash 7,739.27)
+16.55
7,787.89Resistance
Published target price for Monday, the T1 reference (cash 7,733.36)
+10.64
7,784.50Resistance
Post-settlement high, set in the 4:00 PM ET bar
+7.25
7,783.75Resistance
Top of the afternoon band, the 11:30 AM ET to 3:30 PM ET bars
+6.50
7,770.25Support
Pivot Point, 7.00 points beneath the settle (cash 7,715.72)
-7.00
7,765.75Support
European-hours high, set in the 5:00 AM ET bar
-11.50
7,764.00Support
Bottom of the afternoon band
-13.25
7,763.58Support
40-day average crossing price for Monday
-13.67
7,763.39Support
9-day settlement average, 13.86 points beneath the settle
-13.86
7,754.84Support
9-day average crossing price for Monday, inside the long entry zone, near the note's 7,700 key strike in cash (cash 7,700.31)
-22.41
7,754.00Support
11:00 AM ET pullback low, 56.25 points beneath the high, inside the long entry zone
-23.25
7,753.02Support
One standard deviation support, inside the long entry zone (cash 7,698.49); on the chart, 1 standard deviation
-24.23
7,749.00Support
Low of the 6:00 AM ET bar
-28.25
7,744.02Support
38.2 percent retracement from the four-week high (cash 7,689.49)
-33.23
7,742.98Support
Two standard deviations support; on the chart, 2 standard deviations
-34.27
7,739.10Support
5-day settlement average, 38.15 points beneath the settle
-38.15
7,737.57Support
50-day settlement average, 39.68 points beneath the settle
-39.68
7,736.70Support
Modeled volatility threshold, the note's own pair at its fixed 56.7 offset (cash 7,680)
-40.55
7,736.66Support
20-day settlement average, 40.59 points beneath the settle
-40.59
7,735.27Support
Three standard deviations support, beneath the 7,735 acceptance line; on the chart, 3 standard deviations
-41.98
7,734.54Support
18-day average crossing price for Monday
-42.71
7,730.25Support
Pivot S1, the settle invalidation line (cash 7,675.72); on the chart, Pivot S1
-47.00
7,724.00Support
Thursday's settle and Friday's open at the Thursday 6:00 PM ET reopen
-53.25
7,723.25Support
Friday's session low, set in the 6:00 PM ET Thursday bar, the session base (cash 7,668.72)
-54.00
7,711.75Support
50 percent retracement of the four-week range
-65.50
7,707.25Support
Prior week's low
-70.00
7,706.74Support
38.2 percent retracement from the 13-week high
-70.51
7,699.63Support
Bottom of the one-range frame, 77.62 points beneath the settle
-77.62
7,683.25Support
Pivot S2, the top of the macro-override band (cash 7,628.72)
-94.00
7,677.70Support
Modeled gamma-flip level, the note's own pair at its fixed 56.7 offset (cash 7,621)
-99.55
7,672.75Support
Thursday's session low
-104.50
7,669.62Support
100-day settlement average, 107.63 points beneath the settle
-107.63
7,643.25Support
Pivot S3, the bottom of the macro-override band
-134.00
7,556.70Support
Primary put-side support base, the note's own pair at its fixed 56.7 offset (cash 7,500)
-220.55
7,359.63Support
200-day settlement average, 417.62 points beneath the settle
-417.62
Red references sit above the settle, green references beneath it. The hatched band is the 7,748 to 7,756 long entry zone, the pale red tint is the 7,783.75 to 7,801.48 first overhead group, the pink strip is the 7,810.25 to 7,819.23 high and Pivot R1 group, the dark green strip is the 7,753.02 to 7,754.84 band and the mid green strip is the 7,734.54 to 7,744.02 lower group. Off this scale: the call-side ceiling pair at 8,156.70 (cash 8,100), the gamma concentration pair at 8,056.70 (cash 8,000), the 52-week high at 7,905.00, Pivot R3 at 7,904.25, Pivot R2 at 7,857.25, the one-range frame top at 7,854.87, the one-month high at 7,848.50, Pivot S2 at 7,683.25, the gamma-flip pair at 7,677.70 (cash 7,621), Thursday's low at 7,672.75, the 100-day average at 7,669.62, Pivot S3 at 7,643.25, the put-side base pair at 7,556.70 (cash 7,500) and the 200-day average at 7,359.63.
Session path
Thursday and Friday futures, Friday cash, the weekend close
7,7007,7507,8007,817.25 Monday Pivot R17,810.25 Friday high7,777.25 Friday settle7,770.25 Monday pivot point7,767.75 Thursday high7,724.00 Thursday settle, Friday open7,723.25 Friday low7,719.50 Thursday open7,672.75 Thursday lowTHURSDAY95.00 pointsFRIDAY87.00 pointssettle at 62.1 percent7,6407,7007,7607,754.67 high7,750.00 note resistance7,722.72 close7,700.51 low7,700.00 key strike7,690.00 note reference7,680.00 threshold7,666.45 prior close7,621.00 gamma flipFRIDAY CASH INDEX54.16 points, own scaleup 0.73 percentAFTER SETTLEsettle7,777.25high7,784.50close7,776.504:00 PM ET and4:30 PM ET barsGlobex reopens6:00 PM ET SundayFRIDAY BY THE 30-MINUTE BAR, AS THE REVIEW NAMES THEM6:00 PM ET, THURSDAYopen 7,724.00session low 7,723.2510:30 PM ETreached 7,742.0012:30 AM ETreached 7,750.001:00 AM ETreached 7,754.253:30 AM ETreached 7,760.754:30 AM ETreached 7,764.755:00 AM ETreached 7,765.756:00 AM ETdipped to 7,749.008:00 AM ETclosed 7,765.258:30 AM ET, PAYROLLS7,764.25 to 7,800.00closed 7,797.2510:00 AM ETreached 7,808.7510:30 AM ETsession high 7,810.25closed 7,793.0011:00 AM ETfell to 7,754.00closed 7,771.0011:30 AM TO 3:30 PM ET7,764.00 to 7,783.753:30 PM ETclosed 7,779.004:00 PM ET, SETTLEsettled 7,777.254:00 PM ET BARreached 7,784.504:30 PM ETclosed 7,776.506:00 PM ET, SUNDAYGlobex reopens
Friday settle
7,777.25
62.1 percent of the range
Monday pivot point
7,770.25
Monday Pivot R1
7,817.25
Futures ranges, one shared scale
Thursday95.00 points
Open 7,719.50, low 7,672.75, high 7,767.75, settle 7,724.00
Friday87.00 points
Open 7,724.00, low 7,723.25, high 7,810.25, settle 7,777.25 at 62.1 percent of the range
The dark tick on every bar marks the Friday settle at 7,777.25. All bars share one price scale.
Friday cash index, its own scale
Cash index54.16 points
High 7,754.67, low 7,700.51, close 7,722.72, up 0.73 percent; Thursday close 7,666.45
The dark tick on the cash bar marks the 7,722.72 close, above the 7,621.00 gamma flip, the 7,680.00 threshold, the 7,690.00 note reference and the 7,700.00 key strike, and beneath the 7,750.00 note resistance. The cash axis carries ticks at 7,640, 7,700 and 7,760; the futures axis at 7,700, 7,750 and 7,800.
After the settle
Settle
7,777.25
Bar high
7,784.50
4:00 PM ET bar
Bar close
7,776.50
4:30 PM ET bar
Globex reopens at 6:00 PM ET Sunday.
Friday by the 30-minute bar, as the review names them
6:00 PM ET, Thursday
open 7,724.00, session low 7,723.25
10:30 PM ET
reached 7,742.00
12:30 AM ET
reached 7,750.00
1:00 AM ET
reached 7,754.25
3:30 AM ET
reached 7,760.75
4:30 AM ET
reached 7,764.75
5:00 AM ET
reached 7,765.75
6:00 AM ET
dipped to 7,749.00
8:00 AM ET
closed 7,765.25
8:30 AM ET, payrolls
7,764.25 to 7,800.00, closed 7,797.25
10:00 AM ET
reached 7,808.75
10:30 AM ET
session high 7,810.25, closed 7,793.00
11:00 AM ET
fell to 7,754.00, closed 7,771.00
11:30 AM to 3:30 PM ET
7,764.00 to 7,783.75
3:30 PM ET
closed 7,779.00
4:00 PM ET, settle
settled 7,777.25
4:00 PM ET bar
reached 7,784.50
4:30 PM ET
closed 7,776.50
6:00 PM ET, Sunday
Globex reopens
Every price on the chart
Sorted by price, top down.
Futures levelPrice
Monday Pivot R17,817.25
Friday high7,810.25
Friday settle7,777.25
Monday pivot point7,770.25
Thursday high7,767.75
Thursday settle, Friday open7,724.00
Friday low7,723.25
Thursday open7,719.50
Thursday low7,672.75
Friday's futures extremes are the completed-session inputs behind the published pivot ladder, and they equal the provider's dated row and the chart's completed daily bar. The half-hour cells are the bars the review names from the preserved 30-minute series, 46 bars from the Thursday 6:00 PM ET reopen through the 4:30 PM ET bar; bars it does not name are not shown. The cash panel uses its own scale: the cash index closed 32.72 points above the 7,690 note reference and 42.72 points above the 7,680 threshold, and its 7,754.67 high and 7,700.51 low come from the provider's end-of-day record. No Globex session has reopened since the settle.
Closing sequence
Closes from the provider daily series, oldest first
PRIOR WEEK, SEPTEMBER 21 TO 25: 7,707.25 TO 7,848.507,7007,8007,9007,712.509/187,833.509/217,831.759/227,772.509/237,767.009/247,803.759/257,746.759/287,732.009/297,715.509/307,724.0010/17,777.2510/2+121.00 on 9/21+53.25 on Friday
Friday settle
7,777.25
Friday change
+53.25
largest since 9/21
Change on 9/21
+121.00
Two higher settles
+61.75
from 9/30
Closes, oldest first
9/18
7,712.50
first in sequence
9/21
7,833.50
+121.00
9/22
7,831.75
-1.75
9/23
7,772.50
-59.25
9/24
7,767.00
-5.50
9/25
7,803.75
+36.75
9/28
7,746.75
-57.00
9/29
7,732.00
-14.75
9/30
7,715.50
-16.50
10/1
7,724.00
+8.50
10/2
7,777.25
+53.25
Dates are month and day, 2026. Change is the difference from the previous close in the sequence, in points. On each track the orange dot is the close and the grey band is the prior week, September 21 to 25: 7,707.25 to 7,848.50. All tracks share one price scale, from 7,640 up to 7,900, with chart ticks at 7,700, 7,800 and 7,900. The sequence gained 121.00 points on 9/21 and 53.25 on Friday.
These are the eleven settlements the review lists from 09/18; the last nine make up the 9-day average, which computes to 7,763.39. Friday's 53.25 point gain was the largest since the 121.00 point advance of 09/21, and the 7,777.25 settle the highest since 09/25.
Primary setup
Entry, stop and targets to scale
RISK 32.00 POINTS FROM THE 7,752 MIDPOINT, 1RSTOP7,720.00LONG ENTRY ZONE7,748.00 to 7,756.00midpoint 7,752T17,784.001 : 1, 32 pointsfrom the 7,752 midpointT27,816.001 : 2, 64 pointsfrom the 7,752 midpointT37,848.001 : 3, 96 pointsfrom the 7,752 midpointFriday settle 7,777.25, 6.75 points beneath T1
Direction
Long
Entry zone
7,748.00 to 7,756.00
Stop
7,720.00
Risk
32.00 points
from the 7,752 midpoint, 1R
Targets, reward ratios from the 7,752 midpoint
T1
7,784.00
1 : 1, 32 points from the 7,752 midpoint
T2
7,816.00
1 : 2, 64 points from the 7,752 midpoint
T3
7,848.00
1 : 3, 96 points from the 7,752 midpoint
The setup to scale, top down
7,848.00
T3, 1 : 3, 96 points from the 7,752 midpoint
+70.75
7,816.00
T2, 1 : 2, 64 points from the 7,752 midpoint
+38.75
7,784.00
T1, 1 : 1, 32 points from the 7,752 midpoint, 6.75 points above the settle
+6.75
Friday settle
7,777.25
7,756.00
Top of the long entry zone
-21.25
7,752
Entry zone midpoint, the base for every reward ratio
-25.25
7,748.00
Bottom of the long entry zone
-29.25
7,720.00
Stop, 32.00 points beneath the 7,752 midpoint, 1R
-57.25
Green rows above the settle are targets, orange rows the entry zone and the red row the stop; shading on the chart starts at the 7,752 midpoint. The right-hand column is the distance from the settle in points.
Every reward ratio is measured from the 7,752 midpoint of the entry zone against the 7,720 stop, a risk of 32 points, which reproduces the stated 1:1, 1:2 and 1:3 ratios; the green and red shading starts at that midpoint. The settle sits 21.25 points above the top of the zone, and the first target 6.75 points above the settle.
Moving-average stack
Averages against the Friday settle
SIX AVERAGES BENEATH PRICE200-day 7,359.63, off this scale7,669.62100-day-107.637,736.6620-day-40.597,737.5750-day-39.687,739.105-day-38.157,763.399-day-13.867,777.25SETTLE
Settle
7,777.25
Six averages beneath price, highest first
7,763.39
9-day average
-13.86
7,739.10
5-day average
-38.15
7,737.57
50-day average
-39.68
7,736.66
20-day average
-40.59
7,669.62
100-day average
-107.63
200-day 7,359.63, off the chart scale
No average sits above the settle. Distances are in points from the settle, measured from the exact averages.
All six averages sit beneath the settle. Distances are measured from the exact averages; the 20-day computes to 7,736.6625 and the 100-day to 7,669.6175, shown as the review rounds them. The 9-day, 18-day and 40-day crossing prices at 7,754.84, 7,734.54 and 7,763.58 are thresholds, not averages, so they appear on the level map.
Expected range
Session bands, scenario bands and published envelopes
settle 7,777.25GLOBEX6:00 PM ET Sunday to 3:00 AM ET7,750.00 to 7,800.00LONDON3:00 AM ET to 8:00 AM ET7,755.00 to 7,805.00MORNING9:30 AM ET to 12:00 PM ET7,745.00 to 7,820.00AFTERNOON12:00 PM ET to 4:00 PM ET7,755.00 to 7,810.00LOW RANGE55.00 points wide7,750.00 to 7,805.00MOST LIKELY85.00 points wide7,735.00 to 7,820.00HIGH RANGE155.00 points wide7,700.00 to 7,855.00ONE ATR77.62 points each side7,699.63 to 7,854.871 STD DEVpublished band7,753.02 to 7,801.482 STD DEVpublished band7,742.98 to 7,811.523 STD DEVpublished band7,735.27 to 7,819.23
Settle
7,777.25
Session bands
Globex7,750.00 to 7,800.00
6:00 PM ET Sunday to 3:00 AM ET
London7,755.00 to 7,805.00
3:00 AM ET to 8:00 AM ET
Morning7,745.00 to 7,820.00
9:30 AM ET to 12:00 PM ET
Afternoon7,755.00 to 7,810.00
12:00 PM ET to 4:00 PM ET
Scenario bands
Low range7,750.00 to 7,805.00
55.00 points wide
Most likely7,735.00 to 7,820.00
85.00 points wide
High range7,700.00 to 7,855.00
155.00 points wide
Published envelopes
One ATR7,699.63 to 7,854.87
77.62 points each side
1 std dev7,753.02 to 7,801.48
published band
2 std dev7,742.98 to 7,811.52
published band
3 std dev7,735.27 to 7,819.23
published band
The dark tick on every bar marks the settle at 7,777.25. All bars share one price scale.
Scenario ranges and session bands are analyst judgment and carry no calibration; the Globex band carries a constructive bias above 7,753.02 and the London band a neutral to higher bias. ATR is the 14-day average true range of 77.62 points. The deviation bands are the published ones, built from five settlements, and describe settlement dispersion, not intraday reach; a weekend gap can open outside them. The implied one-day move is quoted for the cash index, 7,674.84 to 7,770.60, so it is not drawn on this futures axis.
Range measures
Realised, average and implied ranges in points
020406080Range of 10/01, Thursday95.00Friday futures range87.00 1.07 times the 14-day ADR14-day average daily range81.649-day average true range78.6020-day average true range77.8014-day average true range77.62 the one-range frame20-day average daily range77.32Range of 09/2877.00Range of 09/3076.50Range of 09/2476.259-day average daily range73.22Range of 09/2566.25Range of 09/2958.50Friday cash range54.16Implied one-day move, cash47.88 0.62 percent
Range of 10/01, Thursday95.00
Friday futures range87.00
1.07 times the 14-day ADR
14-day average daily range81.64
9-day average true range78.60
20-day average true range77.80
14-day average true range77.62
the one-range frame
20-day average daily range77.32
Range of 09/2877.00
Range of 09/3076.50
Range of 09/2476.25
9-day average daily range73.22
Range of 09/2566.25
Range of 09/2958.50
Friday cash range54.16
Implied one-day move, cash47.88
0.62 percent
Values in points, largest first. All bars share one scale; the chart's axis runs 0, 20, 40, 60 and 80. Grey bars are the other sessions of the last seven.
Friday's realised 87.00 point range was 1.07 times the 14-day average daily range. Grey bars are the other sessions of the last seven. The implied move is quoted for the cash index on Friday's 7,722.72 close, so it is a cash-point figure, and the cash range uses the provider's 7,754.67 high and 7,700.51 low.
Momentum gauges
Where each reading sits on its own scale
53.3914-DAY RELATIVE STRENGTH9-day 55.10, 20-day 52.9573.95%RAW 14-DAY STOCHASTIC80 percent line at 7,793.8059.93%14-DAY %Kabove its 57.18 %D16%COMPOSITE BUYfrom 8 sell, strength minimum10.27%14-DAY HISTORIC VOL9-day 7.17 percent9-day14-day20-dayRelative strength55.1053.3952.95Raw stochastic %not given73.95not givenStochastic %Knot given59.93not givenStochastic %Dnot given57.18not givenHistoric vol %7.1710.27not givenCOMPOSITE MULTI-INDICATOR READ, PERCENT BUY OR SELL AS LABELLEDNow16% buyPrior session8% sellWeek ago56% buyMonth ago24% buyShort group20% sellMedium group25% buyLong group67% buy
14-day relative strength
53.39
9-day 55.10, 20-day 52.95
Raw 14-day stochastic
73.95%
80 percent line at 7,793.80
14-day %K
59.93%
above its 57.18 %D
Composite buy
16%
from 8 sell, strength minimum
14-day historic vol
10.27%
9-day 7.17 percent
Relative strength
9-day55.10
14-day53.39
20-day52.95
Raw stochastic %
9-daynot given
14-day73.95
20-daynot given
Stochastic %K
9-daynot given
14-day59.93
20-daynot given
Stochastic %D
9-daynot given
14-day57.18
20-daynot given
Historic vol %
9-day7.17
14-day10.27
20-daynot given
Composite multi-indicator read
Now, percent buy16% buy
Prior session, percent sell8% sell
Week ago, percent buy56% buy
Month ago, percent buy24% buy
Short group, percent sell20% sell
Medium group, percent buy25% buy
Long group, percent buy67% buy
Readings are as published for the Friday session, with the Friday settle as the latest value because no Globex session has reopened. The composite reads 16 percent buy with strength minimum and direction average, from 8 percent sell in the prior session, and the composite trend indicator reads hold. The stochastic 80 percent threshold sits at 7,793.80 in price terms.
Directional movement
Positive against negative, with the directional index
POSITIVE DIRECTIONNEGATIVE DIRECTIONINDEX19.3121.339-day16.6519.1522.0414-day13.35
Positive direction, left of centreNegative direction, right of centre
9-dayIndex16.65
19.3121.33
14-dayIndex13.35
19.1522.04
Positive direction grows left of the centre line, negative direction grows right, both on one scale. The index is the directional index for each window. The 20-day pair was not given.
Negative direction sits slightly above positive on both published windows, with the 9-day index at 16.65 and the 14-day at 13.35, a low trend reading. The 20-day pair was not given.
Cross-asset moves
Friday percent changes
HIGHERLOWER, PERCENT CHANGE ON FRIDAYSemiconductor index+2.40%Nasdaq-100 cash index+1.00%S&P 500 cash index+0.73%December S&P 500 futures+0.69%Dow Jones industrial average+0.49%Dollar index-0.17%Gold, December contract-0.95%Crude, November contract-1.90%
LowerHigher
Semiconductor index+2.40%
Nasdaq-100 cash index+1.00%
S&P 500 cash index+0.73%
December S&P 500 futures+0.69%
Dow Jones industrial average+0.49%
Dollar index-0.17%
Gold, December contract-0.95%
Crude, November contract-1.90%
Friday percent changes, highest first. Gains grow right from the centre line and losses grow left.
Also on the day: the ten-year yield index closed at 5.28 percent, up five basis points; the dollar index at 101.93; the volatility index at 15.31, down 1.08 points, and its own volatility gauge at 87.02; November crude at 91.11; December gold at 4,162.3. The Dow figure is as given in provider commentary.
Positioning and activity
Index options, the dated contract rows and the basis
CASH INDEX OPTIONS, CALLS AGAINST PUTSbars scaled within each rowIndex option volumecalls 765,788puts 996,700Index open interestcalls 9.279 millionputs 13.228 millionDECEMBER CONTRACT, DATED PROVIDER ROWSOpen interest, Thursday1,885,994Open interest, Fridaynot reportedVolume, Friday1,763,233Volume, Thursday2,214,495Volume change-451,262SETTLEMENT LESS CASH CLOSE, POINTSBasis, Friday54.53Basis, Thursday57.55Source offset56.7
Cash index options, calls against puts
Index option volume
Callscalls 765,788
Putsputs 996,700
Index open interest
Callscalls 9.279 million
Putsputs 13.228 million
bars scaled within each row
December contract, dated provider rows
Open interest, Thursday
1,885,994
Open interest, Friday
not reported
Volume, Friday
1,763,233
Volume, Thursday
2,214,495
Volume change
-451,262
Settlement less cash close, points
Basis, Friday
54.53
Basis, Thursday
57.55
Source offset
56.7
The measured basis is the 4:00 PM ET settlement less the 4:00 PM ET cash close; the source offset is the positioning note's fixed translation.
Options figures are for the cash index as the positioning note gives them; bars share one scale within each row. Open interest and volume are the dated provider rows for 2026-10-02 and 2026-10-01; Friday's open interest had not been reported, so no change in open interest is asserted. Thursday's row now reads 2,214,495 contracts and 1,885,994 open, revised from the figures carried on Friday's outlook.
Dealer-positioning stack
Cash index terms, quoted as the source publishes them
7,500put-side base7,600support, key strike7,680volatility threshold7,800note resistance8,000concentration, key strike8,100call ceiling7,400note support7,666.45Thursday close7,700key strike7,722.72cash close7,754.67cash high7,621modeled gamma flip7,690note reference7,700.51cash low7,750note resistanceCash close 32.72 points above the 7,690 reference, 42.72 above the 7,680 threshold and 101.72 above the 7,621 flip; key strike 7,000 off this scaleSOURCE FUTURES COLUMN, CASH PLUS A FIXED 56.7Vol thresholdcash 7,680fut 7,736.70Gamma flipcash 7,621fut 7,677.70Call ceilingcash 8,100fut 8,156.70Put basecash 7,500fut 7,556.70Concentrationcash 8,000fut 8,056.70HIGHEST-CONVICTION COMBINATION LEVELS, CASH, WITH SCORES7,498score 99.117,797score 98.917,597score 98.868,004score 98.707,827score 98.277,628score 98.147,728score 97.55Listed in the note’s order, highest score first.
Cash index levels, top down
8,100
call ceiling
8,000
concentration, key strike
7,800
note resistance
7,754.67
cash high
7,750
note resistance
7,722.72
cash close
7,700.51
cash low
7,700
key strike
7,690
note reference
7,680
volatility threshold
7,666.45
Thursday close
7,621
modeled gamma flip
7,600
support, key strike
7,500
put-side base
7,400
note support
Cash close 32.72 points above the 7,690 reference, 42.72 above the 7,680 threshold and 101.72 above the 7,621 flip; key strike 7,000 off the chart's scale.
Source futures column, cash plus a fixed 56.7
Vol threshold
cash 7,680
fut 7,736.70
Gamma flip
cash 7,621
fut 7,677.70
Call ceiling
cash 8,100
fut 8,156.70
Put base
cash 7,500
fut 7,556.70
Concentration
cash 8,000
fut 8,056.70
Highest-conviction combination levels, cash, with scores
7,498
score 99.11
7,797
score 98.91
7,597
score 98.86
8,004
score 98.70
7,827
score 98.27
7,628
score 98.14
7,728
score 97.55
Listed in the note's order, highest score first.
Key mapped strikes are 8,000, 7,000, 7,700 and 7,600, the second off this scale; the note lists resistance at 7,750 and 7,800, a reference level at 7,690 and support at 7,690, 7,600 and 7,400. Gamma index 0.891, gamma tilt 1.073, index gamma notional plus 105.785 million dollars, 25-delta risk reversal minus 0.041, call gamma 5.8 billion against put gamma minus 1.8 billion, nearest-expiration gamma 8.68 percent and delta 1.28 percent of the total. The source futures column is a fixed 56.7 translation of the cash column, never the 54.53 basis measured for this session.
Monday calendar
All times Eastern
EASTERN TIMEFRI4:00 PM ETSettlement at 7,777.25, then the weekendFRI7:00 PM ETThe President is listed to speak, after the review was writtenSUN6:00 PM ETGlobex reopens after two days of headline exposureSUN8:30 PM ETJapanese services purchasing managers' dataMON3:50 AM ETFinal services surveys for the euro area and the United Kingdom, through 4:30 AM ETMON5:00 AM ETEuro-area producer pricesMON9:30 AM ETCash open, the session's first directional testMON10:00 AM ETServices survey from the purchasing managers' institute, the first-order event, forecast55.2 against 55.4, employment component forecast 49 against 47.8, read through the ten-yearyieldMON4:00 PM ETSettlementOCT 68:30 AM ETTrade balanceOCT 72:00 PM ETMinutes of the September policy meeting
Friday, October 2
4:00 PM ET
Settlement at 7,777.25, then the weekend
7:00 PM ET
The President is listed to speak, after the review was written
Reported by the news-feed calendar and unconfirmed
Sunday, October 4
6:00 PM ET
Globex reopens after two days of headline exposure
8:30 PM ET
Japanese services purchasing managers' data
Reported by the news-feed calendar and unconfirmed
Monday, October 5
3:50 AM ET
Final services surveys for the euro area and the United Kingdom, through 4:30 AM ET
Reported by the news-feed calendar and unconfirmed
5:00 AM ET
Euro-area producer prices
Reported by the news-feed calendar and unconfirmed
9:30 AM ET
Cash open, the session's first directional test
10:00 AM ET
Services survey from the purchasing managers' institute, the first-order event, forecast 55.2 against 55.4, employment component forecast 49 against 47.8, read through the ten-year yield
Reported by the news-feed calendar and unconfirmed
4:00 PM ET
Settlement
Tuesday, October 6
8:30 AM ET
Trade balance
Wednesday, October 7
2:00 PM ET
Minutes of the September policy meeting
All times Eastern. Amber times mark items reported by the news-feed calendar and unconfirmed, green times mark the Globex reopen, the cash open and the settlements, dark times mark the scheduled calendar.
Amber marks items reported by the news-feed calendar and unconfirmed, slate marks the scheduled calendar and orange marks the Globex reopen, the cash open and the settlements.
Resistance, top down
8,156.70 (cash 8,100)
Primary call-side ceiling, the note's own pair at its fixed 56.7 offset, an extended reference
8,056.70 (cash 8,000)
Largest gamma concentration and key strike, the note's own pair at its fixed 56.7 offset
7,905.00
52-week high, 127.75 points above the settle
7,904.25 (cash 7,849.72)
Pivot R3, the outer rung of the published ladder
7,857.25 (cash 7,802.72)
Pivot R2
7,854.87
Top of the one-range frame, 77.62 points above the settle
7,848.50 (cash 7,793.97)
One-month high and the prior week's high, 71.25 points above the settle, near the note's 7,800 cash resistance; the T3 reference
7,819.23
Three standard deviations resistance, directly above Pivot R1
7,817.25 (cash 7,762.72)
Pivot R1, the T2 reference
7,811.52 (cash 7,756.99)
Two standard deviations resistance, 1.27 points above Friday's high
7,810.25 (cash 7,755.72)
Friday's session high, set in the 10:30 AM ET bar
7,801.48 (cash 7,746.95)
One standard deviation resistance
7,793.80 (cash 7,739.27)
Stochastic 80 percent threshold
7,787.89 (cash 7,733.36)
Published target price for Monday, the T1 reference
7,784.50
Post-settlement high, set in the 4:00 PM ET bar
7,783.75
Top of the afternoon band, the 11:30 AM ET to 3:30 PM ET bars
Support, top down
7,770.25 (cash 7,715.72)
Pivot Point, 7.00 points beneath the settle
7,765.75
European-hours high, set in the 5:00 AM ET bar
7,764.00
Bottom of the afternoon band
7,763.58
40-day average crossing price for Monday
7,763.39
9-day settlement average, 13.86 points beneath the settle
7,754.84 (cash 7,700.31)
9-day average crossing price for Monday, inside the long entry zone, near the note's 7,700 key strike in cash
7,754.00
11:00 AM ET pullback low, 56.25 points beneath the high, inside the long entry zone
7,753.02 (cash 7,698.49)
One standard deviation support, inside the long entry zone
7,749.00
Low of the 6:00 AM ET bar
7,744.02 (cash 7,689.49)
38.2 percent retracement from the four-week high
7,742.98
Two standard deviations support
7,739.10
5-day settlement average, 38.15 points beneath the settle
7,737.57
50-day settlement average, 39.68 points beneath the settle
7,736.70 (cash 7,680)
Modeled volatility threshold, the note's own pair at its fixed 56.7 offset
7,736.66
20-day settlement average, 40.59 points beneath the settle
7,735.27
Three standard deviations support, beneath the 7,735 acceptance line
7,734.54
18-day average crossing price for Monday
7,730.25 (cash 7,675.72)
Pivot S1, the settle invalidation line
7,724.00
Thursday's settle and Friday's open at the Thursday 6:00 PM ET reopen
7,723.25 (cash 7,668.72)
Friday's session low, set in the 6:00 PM ET Thursday bar, the session base
7,711.75
50 percent retracement of the four-week range
7,707.25
Prior week's low
7,706.74
38.2 percent retracement from the 13-week high
7,699.63
Bottom of the one-range frame, 77.62 points beneath the settle
7,683.25 (cash 7,628.72)
Pivot S2, the top of the macro-override band
7,677.70 (cash 7,621)
Modeled gamma-flip level, the note's own pair at its fixed 56.7 offset
7,672.75
Thursday's session low
7,669.62
100-day settlement average, 107.63 points beneath the settle
7,643.25
Pivot S3, the bottom of the macro-override band
7,556.70 (cash 7,500)
Primary put-side support base, the note's own pair at its fixed 56.7 offset
7,359.63
200-day settlement average, 417.62 points beneath the settle
Full numeric reference, every remaining figure from the session review

1. Executive Summary

The December S&P 500 contract settled at 7,777.25 on Friday, up 53.25 points or 0.69 percent from Thursday's 7,724.00 settle, after trading between 7,810.25 and 7,723.25, an 87.00 point daily range. The settle finished at 62.1 percent of the range, and the 87.00 point range was 1.07 times the published 14-day average daily range of 81.64 points. It was a second consecutive higher settle, the largest one-day gain since the 121.00 point advance of 09/21 and the highest settle since the 7,803.75 settle of 09/25, and the 7,810.25 high was the highest print since the 7,814.75 high of 09/25. Across the week the contract lost 26.50 points or 0.34 percent from the 7,803.75 settle of 09/25.

The preserved 30-minute series fixes the order. The 7,723.25 session low printed in the first bar after the Thursday 6:00 PM ET reopen, three quarters of a point beneath Thursday's settle, and the contract rose through the night to 7,765.75 by the 5:00 AM ET bar. The 8:30 AM ET bar, which coincided with the employment report released at 8:30 AM ET, as the calendar lists it, carried it from 7,765.75 to 7,800.00. The 7,810.25 high printed in the 10:30 AM ET bar, the 11:00 AM ET bar fell back to 7,754.00, and the contract held between 7,764.00 and 7,783.75 from the 11:30 AM ET bar until the 4:00 PM ET settlement.

The report was soft: payrolls rose 29,000 against a 90,000 forecast and average hourly earnings 0.1 percent against 0.3 percent, per the news-feed calendar. The S&P 500 cash index closed at 7,722.72, up 0.73 percent, which provider commentary described as a one-week high, while the Nasdaq-100 rose 1.00 percent. The ten-year yield index still closed five basis points higher at 5.28 percent, and the volatility index fell 1.08 points to 15.31. The positioning note said the priced chance of an October rate increase fell below 25 percent and that the cash index closed above its 7,690 reference level.

The primary setup is a long from the 7,748 to 7,756 band (cash 7,693.47 to 7,701.47), around one standard deviation support at 7,753.02 and the 9-day average crossing at 7,754.84, stopped at 7,720 beneath the Friday low, with objectives at 7,784, 7,816 and an extended 7,848. Two days of headline exposure separate Friday's settle from the 6:00 PM ET Sunday reopen.

2.1 Intraday and Session Review

The Friday session opened at 7,724.00 at the Thursday 6:00 PM ET reopen, marked a daily high of 7,810.25 and a daily low of 7,723.25, and settled at 7,777.25 at 4:00 PM ET. The preserved 30-minute provider series, 46 bars from the reopen through the 4:30 PM ET bar, places the low in the 6:00 PM ET Thursday bar and the high in the 10:30 AM ET Friday bar.

The night session climbed in small steps. The contract reached 7,742.00 in the 10:30 PM ET bar, 7,750.00 in the 12:30 AM ET bar and 7,754.25 in the 1:00 AM ET bar. The European morning added to it: the 3:30 AM ET bar reached 7,760.75, the 4:30 AM ET bar 7,764.75 and the 5:00 AM ET bar 7,765.75. The 6:00 AM ET bar dipped to 7,749.00, and the 8:00 AM ET bar closed at 7,765.25.

The 8:30 AM ET bar traded between 7,764.25 and 7,800.00 and closed at 7,797.25. After the 9:30 AM ET cash open the 10:00 AM ET bar reached 7,808.75 and the 10:30 AM ET bar printed the 7,810.25 high before closing at 7,793.00. The 11:00 AM ET bar fell to 7,754.00, 56.25 points beneath the high, and closed at 7,771.00. From the 11:30 AM ET bar through the 3:30 PM ET bar the contract held between 7,764.00 and 7,783.75; the 3:30 PM ET bar closed at 7,779.00. The settlement at 4:00 PM ET was 7,777.25. After the settle the 4:00 PM ET bar reached 7,784.50 and the 4:30 PM ET bar closed at 7,776.50. Globex does not reopen until 6:00 PM ET Sunday.

The session extremes used here are the completed-session inputs behind the published pivot ladder rather than an independently read bar, back-solved from the outer pivot pairs and verified against every rung. The third resistance point at 7,904.25 minus the third support point at 7,643.25, divided by three, returns 87.00, and the second resistance point at 7,857.25 minus the second support point at 7,683.25, divided by two, returns the same 87.00. Three times the Pivot Point of 7,770.25 less the 7,777.25 settle gives a high plus low sum of 15,533.50, and the pair of 7,810.25 and 7,723.25 reproduces all seven published rungs. Because no Globex session has reopened, the provider's overview page still shows the completed Friday session with a day high of 7,810.25, a day low of 7,723.25 and an open of 7,724.00, and the chart's completed Friday daily bar and the provider's settlement row carry the same four figures.

2.2 Daily Structure

Friday printed a higher high and a higher low against Thursday: the 7,810.25 high sits 42.50 points above Thursday's 7,767.75, and the 7,723.25 low sits 50.50 points above Thursday's 7,672.75. The settlements this week ran 7,746.75, 7,732.00, 7,715.50, 7,724.00 and 7,777.25, leaving the contract 26.50 points beneath the prior Friday's settle.

The prior week, September 21 through September 25, spanned 7,848.50 to 7,707.25, and Friday's settle sits inside that range, 71.25 points beneath its high. The 52-week high of 7,905.00 sits 127.75 points above the settle. No prior-quarter high or low was captured for this session.

2.3 4-Hour and Swing Structure

The daily settlement sequence from 09/18 reads 7,712.50, 7,833.50, 7,831.75, 7,772.50, 7,767.00, 7,803.75, 7,746.75, 7,732.00, 7,715.50, 7,724.00 and 7,777.25. Daily ranges for the last seven sessions ran 76.25, 66.25, 77.00, 58.50, 76.50, 95.00 and 87.00.

The retracement grid published for Monday places the 38.2 percent retracement from the four-week high at 7,744.02, the 50 percent retracement of the four-week range at 7,711.75 and the 38.2 percent retracement from the 13-week high at 7,706.74, all beneath the settle. No four-hour series was captured for this session; the 30-minute series in section 2.1 is the only intraday evidence used.

2.4 Moving Averages

The averages cited in this subsection were computed from the provider's daily settlement series for the December contract, which holds 260 completed sessions through Friday. The 5-day average stands at 7,739.10, the 9-day at 7,763.39, the 20-day at 7,736.66, the 50-day at 7,737.57, the 100-day at 7,669.62 and the 200-day at 7,359.63.

The 7,777.25 settle sits 38.15 points above the 5-day average, 13.86 above the 9-day, 40.59 above the 20-day, 39.68 above the 50-day and 107.63 above the 100-day, so the contract is above every average in the stack. The 5-day average fell 5.30 points from Thursday's 7,744.40, because the 09/25 settle of 7,803.75 left the window and was replaced by 7,777.25. The 9-day average fell 6.25 from 7,769.64 as the 09/21 settle of 7,833.50 left its window, and the 20-day fell 2.24 from 7,738.90 as the 09/03 settle of 7,822.00 left.

The 9-day average sits 24.29 points above the 5-day. Arithmetically, the 9-day window holds the five latest settlements plus the four from 09/22 through 09/25, and those four averaged 7,793.75, higher than the latest five; that is why the 9-day average sits above the 5-day. The 20-day and 50-day averages sit within one point of each other. The projection grid gives 7,754.84 as the price at which the 9-day average would be crossed on Monday, 7,734.54 for the 18-day and 7,763.58 for the 40-day.

2.5 Oscillator and Trend Readings

The oscillator figures below are as published on the provider's technical page dated for the Friday session. Because no Globex session reopens until Sunday, the page was read with the Friday settle as its most recent value. Relative strength reads 55.10 on the 9-day, 53.39 on the 14-day and 52.95 on the 20-day.

The 14-day raw stochastic reads 73.95 percent, with the 14-day %K at 59.93 percent and %D at 57.18 percent. The directional system still reads negative direction slightly above positive direction, with a low trend reading. On the 9-day the directional index reads 16.65 with negative direction at 21.33 and positive direction at 19.31; on the 14-day it reads 13.35 with negative direction at 22.04 over positive at 19.15. Historic volatility reads 7.17 percent on the 9-day and 10.27 percent on the 14-day.

The composite multi-indicator read published for the Friday session is 16 percent buy, up from 8 percent sell in the prior session's snapshot, with signal strength described as minimum and direction as average. The snapshot history reads 56 percent buy a week ago and 24 percent buy a month ago. The short-horizon group averages 20 percent sell, the medium-horizon group 25 percent buy and the long-horizon group 67 percent buy, and the composite trend indicator reads hold.

2.6 Volatility and Expected Range

The published 14-day average true range stands at 77.62 points and the 14-day average daily range at 81.64 points; the 9-day figures are 78.60 and 73.22, and the 20-day figures 77.80 and 77.32. Friday's 87.00 point range was 1.07 times the 14-day average daily range.

A projection of one 14-day average true range of 77.62 points from the 7,777.25 settle frames Monday between 7,699.63 and 7,854.87. The published standard-deviation bands are narrower because they are built from five settlements: one deviation spans 7,753.02 to 7,801.48, two spans 7,742.98 to 7,811.52 and three spans 7,735.27 to 7,819.23. These bands describe settlement dispersion, not intraday reach, and a weekend gap can open outside them. Cash-index equivalents in this review use the basis of 54.53 points measured from the 4:00 PM ET settlement and the 4:00 PM ET cash close, except where the positioning note publishes its own futures pair.

3.1 Resistance

The first overhead references are the 7,784.50 post-settlement high in the 4:00 PM ET bar and the published target price at 7,787.89 (cash 7,733.36), followed by the stochastic 80 percent threshold at 7,793.80 and one standard deviation resistance at 7,801.48 (cash 7,746.95). Friday's 7,810.25 high in the 10:30 AM ET bar (cash 7,755.72) and two standard deviations resistance at 7,811.52 sit 1.27 points apart, with Pivot R1 at 7,817.25 (cash 7,762.72) and three standard deviations resistance at 7,819.23 directly above. The one-month high at 7,848.50 (cash 7,793.97) sits near the positioning note's 7,800 cash resistance, and Pivot R2 at 7,857.25 and Pivot R3 at 7,904.25 beneath the 7,905.00 52-week high are the extended references.

3.2 Support

The Pivot Point at 7,770.25 (cash 7,715.72) sits seven points beneath the settle. The 9-day average crossing at 7,754.84 (cash 7,700.31), the 11:00 AM ET pullback low at 7,754.00 and one standard deviation support at 7,753.02 (cash 7,698.49) sit within two points of one another, around the positioning note's 7,700 cash key strike. The 38.2 percent retracement from the four-week high at 7,744.02, two standard deviations support at 7,742.98 and the modeled volatility threshold at 7,680 in cash (source futures pair 7,736.70) come next, with three standard deviations support at 7,735.27 and Pivot S1 at 7,730.25 (cash 7,675.72) beneath. Friday's 7,723.25 low in the 6:00 PM ET Thursday bar is the session base. Pivot S2 at 7,683.25 (cash 7,628.72), the modeled gamma-flip level at 7,621 in cash (source futures pair 7,677.70) and Pivot S3 at 7,643.25 are the deeper references, with the primary put side support base at 7,500 in cash (source futures pair 7,556.70) beyond.

4.1 Dollar, Rates, and Fed Policy

The employment report at 8:30 AM ET, as the calendar lists it, showed payrolls up 29,000 against a 90,000 forecast and 162,000 previously, the unemployment rate at 4.2 percent against 4.1 percent, and average hourly earnings up 0.1 percent on the month and 3.0 percent on the year, all per the news-feed calendar. Provider commentary said August payrolls were revised to 133,000 from 162,000 and that the soft report bolstered speculation that the Federal Reserve will not be forced to raise rates this month; the positioning note said the priced chance of an October increase fell below 25 percent. Factory orders at 10:00 AM ET, as the calendar lists it, rose 0.1 percent against a 0.2 percent forecast, per the news-feed calendar.

Rates did not follow the equity rally. The ten-year yield index closed at 5.28 percent, up five basis points, and provider commentary said Treasury yields erased an early decline and that a regional Federal Reserve president said at least another 50 basis points of increases may be needed. Another regional president said at 3:06 PM ET that inflation is going the wrong way, while the chair of the Council of Economic Advisers said at 3:07 PM ET that inflation is coming down sufficiently fast. The dollar index slipped 0.17 percent to 101.93.

4.2 Large-Cap Leadership and Earnings

The positioning note said the large-capitalisation technology group and the semiconductor fund each rose about 2 percent and that the largest Nasdaq-100 exchange-traded fund set a record high, led by two large chip designers. A large electric-vehicle maker reported third-quarter deliveries of 486,532 units against an estimate of 456,896, per the news feed. The captured calendars carry no mega-capitalisation earnings entry for Monday; the positioning note lists bank earnings on 10/13 among its key dates, per the positioning note and unconfirmed.

4.3 Geopolitical Backdrop

The President said at 3:58 PM ET that Iran is not doing well and at 4:00 PM ET that a diesel export ban will not be imposed. Provider commentary on crude cited a coordinated release of strategic reserves and press reports that Saudi Arabia plans an offensive against Houthi militants in Yemen. Crude fell 1.90 percent, which provider commentary said helped equities. The weekend leaves two days of headline exposure before the Sunday reopen.

4.4 Sector Breadth and Rotation

The Nasdaq-100 cash index rose 1.00 percent against 0.73 percent for the S&P 500, and the semiconductor index rose 2.40 percent, so leadership came from technology. Provider commentary said the Dow industrials rose 0.49 percent. No advance-decline or sector breadth series was captured for this session, so breadth beyond those index readings is not asserted.

4.5 Cross-Asset and Volatility

The volatility index closed at 15.31, down 1.08 points, and its own volatility gauge at 87.02. The positioning note said fixed-strike implied volatilities on the index fell 1 to 3 points across strikes after the report, as event volatility was released and same-day option sellers stepped in ahead of the weekend, and that dealer hedging made market makers net buyers of futures. Gold's December contract fell 0.95 percent to 4,162.3 and November WTI fell 1.90 percent to 91.11.

4.6 Institutional Positioning

The positioning note said real-time hedging flow on the S&P 500 registered plus 4 billion dollars of delta on the day, mainly from same-day options. The weekly positioning report covering September 29 was carried on the news feed at 3:41 PM ET, but its S&P contract figures were not captured for this session. The provider's overview shows open interest at 1,885,994, which is Thursday's figure; Friday's had not been reported at the time of capture.

5. Index Options Flow Context

The positioning note used for this section is the 5:12 PM ET edition for Friday. Its reference column holds the prior session's closes, not Friday's: its 7,666 cash reference equals Thursday's 7,666.45 cash close, and 7,666 plus the note's stated 0.7 percent gain approximates the 7,723 close it reports, against the provider's 7,722.72. The note's futures column equals the cash figure plus 56.7 on every row, the source's offset rather than the 54.53 point basis measured for this session.

The note's dealer-positioning reference level is 7,690, in cash bearish beneath and bullish above, and the cash close sits 32.72 points above it. The modeled volatility threshold is 7,680 in cash (source pair 7,736.70) and the modeled gamma-flip level 7,621 in cash (source pair 7,677.70), so the close sits 42.72 points above the threshold and 101.72 above the flip. The largest gamma concentration is 8,000 in cash (source pair 8,056.70), the primary call side ceiling 8,100 in cash (8,156.70) and the primary put side support base 7,500 in cash (7,556.70). The note lists cash resistance at 7,750 and 7,800 and cash support at 7,690, 7,600 and 7,400, and key strikes at 8,000, 7,000, 7,700 and 7,600 in cash. Among the combination levels the highest conviction scores sit at 7,498 (99.11), 7,797 (98.91), 7,597 (98.86), 8,004 (98.70), 7,827 (98.27), 7,628 (98.14) and 7,728 (97.55).

The gamma index reads 0.891 and gamma tilt 1.073, while the index gamma notional reads plus 105.785 million dollars and the largest S&P 500 exchange-traded fund's minus 1.067 billion dollars. The 25-delta risk reversal on the index reads minus 0.041. Index put volume of 996,700 contracts exceeded call volume of 765,788, and put open interest of 13.228 million exceeds call open interest of 9.279 million. The implied one-day move is 0.62 percent and the implied five-day move 1.59 percent; applied to the 7,722.72 cash close, the one-day figure spans 7,674.84 to 7,770.60 in cash. The note's own implied-move pair of 7,685.11 and 7,780.99 is centred on neither close, so it is not used as a range anchor.

The note's narrative said the index traded a 70 basis point range, that 10,000-lot same-day put spreads at 7,700 in cash provided the exact low of the day and 5,000-lot same-day call spreads at 7,750 in cash provided resistance, and that those positions shifted during the session. The provider's daily record gives the session extremes as 7,700.51 and 7,754.67. The cash-index console dated 2026-10-02 shows call gamma of 5.8 billion against put gamma of minus 1.8 billion and attributes 8.68 percent of the index's gamma and 1.28 percent of its delta to the nearest expiration; its high and low volatility point fields are excluded as low-confidence.

In this review's interpretation the close above the reference level, the modeled volatility threshold and the modeled gamma-flip level, with the index gamma notional turning positive, places the index inside the supportive part of its positioning map for Monday, while the negative notional on that fund leaves room for wider moves if 7,680 in cash gives way.

6.1 Night Session (6:00 PM ET Sunday to 3:00 AM ET Monday, Globex and Asia)

The contract reopens at 6:00 PM ET Sunday after two days of headline exposure. Japanese services purchasing managers' data are listed at 8:30 PM ET Sunday, per the news-feed calendar and unconfirmed. Gap references above the settle are the 7,787.89 target price, 7,801.48 and the 7,810.25 high; beneath it, the 7,770.25 Pivot Point, the 7,753.02 to 7,754.84 band and Pivot S1 at 7,730.25. Bias constructive above 7,753.02, expected Globex band roughly 7,750 to 7,800.

6.2 London Session (3:00 AM ET to 8:00 AM ET Monday)

Final services purchasing managers' surveys for the euro area and the United Kingdom are listed between 3:50 AM ET and 4:30 AM ET and euro area producer prices at 5:00 AM ET, all per the news-feed calendar and unconfirmed. Friday's European hours lifted the contract to 7,765.75 by the 5:00 AM ET bar. Bias neutral to higher, expected band roughly 7,755 to 7,805.

6.3 Morning Session (9:30 AM ET to 12:00 PM ET Monday, regular trading hours open)

The services survey from the purchasing managers' institute is listed at 10:00 AM ET, forecast 55.2 against 55.4, per the news-feed calendar and unconfirmed, and the cash open at 9:30 AM ET sets the session's first directional test. Friday's high came in the 10:30 AM ET bar and was followed by a 56.25 point pullback in the 11:00 AM ET bar, so the morning carries two-way risk around the 7,810.25 high. Expected band roughly 7,745 to 7,820.

6.4 Afternoon Session (12:00 PM ET to 4:00 PM ET Monday)

The equity index contracts settle at 4:00 PM ET. Friday's afternoon held a 7,764.00 to 7,783.75 band before the settle. Expected band roughly 7,755 to 7,810.

6.5 Night Session Forward (6:00 PM ET Monday)

The trade balance is scheduled for 8:30 AM ET on October 6, 2026, as the calendar lists it, and the minutes of the September policy meeting for 2:00 PM ET on October 7, 2026, as the calendar lists it.

6.6 Expected Range (Monday Full Session)

Low-range scenario: 7,750 to 7,805

Mid-range scenario (most likely): 7,735 to 7,820

High-range scenario: 7,700 to 7,855

6.7 Most Likely Path

In this review's analyst judgment the most probable path holds the reopened contract above the 7,753.02 to 7,754.84 band through the Asian session, with a retest of the 7,801.48 to 7,811.52 resistance band through the United States morning. That reading rests on a settle above every settlement average, the cash index closing above the positioning note's 7,690 cash reference level and the 7,680 cash modeled volatility threshold, and a positive index gamma notional. The composite read of only 16 percent buy with minimum strength, and negative direction still marginally above positive direction, is the review's reason for caution beneath Pivot R1 at 7,817.25. The 10:00 AM ET services survey, per the news-feed calendar and unconfirmed, decides whether yields extend Friday's rise. The alternative that would invalidate this reading is a weekend shock that gaps the contract beneath Pivot S1 at 7,730.25.

7. Monday Economic Calendar

The Monday session reopens at 6:00 PM ET Sunday. The President is listed to speak at 7:00 PM ET Friday, after this review was written, per the news-feed calendar and unconfirmed, and Japanese services purchasing managers' data are listed at 8:30 PM ET Sunday, per the news-feed calendar and unconfirmed.

The European morning lists final services purchasing managers' surveys between 3:50 AM ET and 4:30 AM ET and euro area producer prices at 5:00 AM ET, both per the news-feed calendar and unconfirmed. The United States morning carries the cash open at 9:30 AM ET and the services survey from the purchasing managers' institute at 10:00 AM ET, forecast 55.2 against 55.4, with its employment component forecast at 49 against 47.8, per the news-feed calendar and unconfirmed. The captured calendars carry no mega-capitalisation earnings entry for Monday.

In this review's judgment the single first-order event for the S&P 500 contract on Monday is the 10:00 AM ET services survey, per the news-feed calendar and unconfirmed, through the ten-year yield. The trade balance follows at 8:30 AM ET on October 6, 2026, as the calendar lists it, and the policy meeting minutes at 2:00 PM ET on October 7, 2026, as the calendar lists it.

8. Primary Trade Setup

Direction: Long

Rationale: Friday produced a second consecutive higher settle, the highest since 09/25, above every settlement average, and the cash index closed above the positioning note's 7,690 cash reference level and the 7,680 cash modeled volatility threshold; a pullback into the band of one standard deviation support and the 9-day average crossing, around the positioning note's 7,700 cash key strike, offers a long with a defined risk point beneath the Friday low. The composite read is only 16 percent buy with minimum strength, so the setup is an analyst judgment that the positioning backdrop outweighs a weak trend signal.

Entry Zone: 7,748 to 7,756 (cash 7,693.47 to 7,701.47)

Stop Loss: 7,720 (cash 7,665.47; 3.25 beneath the 7,723.25 Friday low and beneath Pivot S1 at 7,730.25)

Target 1 (T1): 7,784 (cash 7,729.47; 3.89 beneath the 7,787.89 target price)

Target 2 (T2): 7,816 (cash 7,761.47; 1.25 beneath Pivot R1 at 7,817.25)

Target 3 (T3, extended): 7,848 (cash 7,793.47; 0.50 beneath the 7,848.50 one-month high)

Risk-to-Reward: Approximately 1:1 to T1, 1:2 to T2, 1:3 to T3

Invalidation: A settle beneath Pivot S1 at 7,730.25 negates the thesis. Short of that, the edge is removed by acceptance beneath 7,735 rather than by a touch, defined as two consecutive 30-minute closes beneath 7,735.

Macro override: A weekend geopolitical shock or a jump in yields after the services survey that takes the cash index back beneath 7,680 in cash would remove the positioning support. In that scenario the long is wrong immediately, and the 7,683.25 to 7,643.25 band becomes the reference within one 14-day average true range of 77.62 points.

Sources and methodology

This outlook is built from our session review of the December E-mini S&P 500 contract, the December ’26 contract, prepared after Friday's close on October 2, 2026 for the Monday, October 5, 2026 session. Friday's completed extremes are recovered from the published pivot ladder: Pivot R3 at 7,904.25 less Pivot S3 at 7,643.25, divided by three, and Pivot R2 at 7,857.25 less Pivot S2 at 7,683.25, divided by two, both return 87.00, and three times the 7,770.25 Pivot Point less the settle gives a high-plus-low sum of 15,533.50, which yields 7,810.25 and 7,723.25 and reproduces all seven published rungs. The provider's dated row agrees at 7,724.00, 7,810.25, 7,723.25 and 7,777.25, on volume of 1,763,233 contracts; its open interest field had not been reported. It is a second surface of the same vendor, so it confirms internal consistency and not the underlying quote. That row, together with the preserved 30-minute series of 46 bars, is the only evidence used to grade Friday's card. Thursday's row now reads volume of 2,214,495 and open interest of 1,885,994, revised figures that replace the 2,126,517 and 1,895,204 carried on Friday's outlook; that post was not changed.

The contract domain was checked before any level was used: the chart title read 7,777.25 with a stated change of plus 53.25, which returns the provider's 7,724.00 previous close, and the chart's completed Friday bar equals the provider's settlement row. No Globex session had reopened at the time of reading, so the overview page's day high, day low and open are Friday's completed session. The moving averages were computed from the 260-row daily settlement series; the oscillators are cited as published for the Friday session. The positioning note used is the 5:12 PM ET edition for Friday, October 2, and its cash levels are quoted as published. Its reference column is the prior session's close and its futures column a fixed 56.7 translation, so any cash equivalent given here uses the 54.53 basis measured this session, settlement against cash close, both at 4:00 PM ET. The cash index extremes and the other cross-asset closes come from the provider's end-of-day record read at 6:22 PM ET. The cash-index console's high and low volatility point fields are excluded as low-confidence, and modeled thresholds are never called strikes. Scenario ranges are analyst judgment. Items marked unconfirmed come from the news-feed calendar or press reports. Every catalyst whose release time had passed at the time of writing is recorded as completed.

Friday’s outlook for this contract is here, and the Nasdaq-100 contract's Friday outlook covers the index that rose 1.00 percent in cash on Friday. Outlooks for ES, NQ, GC and CL are collected on the market outlook page, and our forward trading record is on the performance statement.

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