The latest overnight session all time high in the S&P 500 emini was made on 12/26/19 at 3254.50. The regular session high at 3251.00 was made on 12/27/19. Both levels were traded through late on Thursday afternoon, 1/2/20, leaving significant excess at the new all time high at 3259.75.
Due to the New years 2020 holiday, the FOMC meeting minutes (usually released midweek) from the December 2019 rate decision will be released at 2 PM ET/1900 GMT on Friday, 1/3/20, and could usher in some volatility.
If another new all time high is made in the Thursday evening overnight session, that price level could also be challenged in Friday’s regular trading session leading up to the Fed minutes.
The base of the late day spike on Thursday at 3251.25 is potential support. Trading through that price level with acceptance could bring in more profit taking, and signal potential change to the current market rally, with the chance this latest all time high could be lasting for at least a little while.
The Fed members kept rates unchanged in December and did not forecast another rate hike in 2020, but can see one hike in 2021 and 2022.