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

S&P, last week’s close: Settled at 5817.00, down 39.75 on Friday and 158.50 on the week

NQ, last week’s close: Settled at 20,975.00, down 203.25 on Friday and 531.00 on the week

E-mini S&P and E-mini NQ futures surged higher on the open Sunday night after President Trump postponed the 50% tariffs on imports from the European Union until July 9th to allow for negotiations. EU leaders expressed optimism that a deal can be made and may target specific sectors or carve-outs to speed the process.

On the economic calendar, Durable Goods Orders for April came in better than expected, but off a lower baseline due to revisions. Home Price data is due at 8:00 am CT, and Consumer Confidence at 9:00 am CT. Atlanta Fed GDPNow will be updated at 10:30 CT, and there is a 2-year Note auction at noon CT.

Friday’s low in the E-mini S&P marked at 4% or a 237-point move, and the rebound has achieved the .618 retracement at 5903, which aligns with previous resistance at 5905-5912.25. The E-mini NQ tested its resistance at 21,328-21,365. Both indices settled in a bit mid-morning as the U.S. opening bell neared, but have responded constructively to our Pivot and point of balance. Continued price action at and above this pocket at…

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