Market Rallies on Reports Trump to Delay Tariffs
E-mini S&P futures spiked to the highest levels since December 27th on a Wall Street Journal article saying President Trump will stop short of imposing tariffs on Day 1.
E-mini S&P (March) / E-mini NQ (March)
S&P, last week’s close: Settled at 6033.50, up 58.00 on Friday and 167.25 on the week
NQ, last week’s close: Settled at 21,594.75, up 345.00 on Friday and 578.75 on the week
We hope you took Dramamine; the last 24 hours have been quite the rollercoaster. Yesterday morning, E-mini S&P futures spiked to the highest levels since December 27th on a Wall Street Journal article saying President Trump will stop short of imposing tariffs on Day 1. After some ebbs and flows, price action took out Friday’s intraday low last night after President Trump threatened to impose 25% tariffs on Canada and Mexico. This was more than a 1% move in E-mini S&P futures before snapping back to the .618 retracement and consolidating slightly higher into this morning. Not only yesterday’s swings but volatility from last week will serve as a reminder of the landscape that we navigated in President Trump’s first term, one driven by constant headlines made by insiders and comments by the President himself during interviews and on social media.
The economic calendar is quiet this week, leading up to the Bank of Japan policy decision overnight Thursday, and Flash PMI data Friday.
E-mini S&P futures are firm, expanding the range, and briefly sticking its nose above major three-star resistance at 6060.75-6068.25. We will look to Friday’s opening range and path to help provide support levels that must hold in order to remain the utmost constructive with key support in the E-mini S&P coming in at 6033.50-6037.50 and major three-star support in the E-mini NQ coming in at 21,474-21,498. However, continued price action at and above our Pivot and point of balance through the first hour will stoke new highs, with this level coming in at…
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