Stock Futures Rise on Tariff Talks: Key Levels for E-mini S&P and NQ
E-mini S&P (June) / E-mini NQ (June)
S&P, last week’s close: Settled at 5718.25, up 5.50 on Friday and 26.00 on the week
NQ, last week’s close: Settled at 19,961.00, up 81.75 on Friday and 41.50 on the week
E-mini S&P and E-mini NQ futures are higher ahead of the opening bell with supportive news on targeted tariffs catching the post-expiry tailwinds. On Friday, we cited a New York Post article, saying, “White House insiders as saying, during the recent selloff, a deal between the U.S.’s closest trading partners, Mexico, Canada, and Europe, is being circulated around the ‘outer parameters’ of the Trump World.” This gathered further steam over the weekend and the Wall Street Journal published an article last night titled, ‘White House Narrows April 2 Tariffs,’ and described the announcement will likely omit industry-specific tariffs and apply only reciprocal levies on a targeted set of nations. Additionally, Treasury Secretary Bessent and Commerce Secretary Lutnick each made the podcast rounds detailing the administration’s idea behind the tariffs. We believe this carefully constructive offensive to control the narrative is well-timed and can bring great tailwinds from both a calming and positioning dynamic into quarter-end.
March Flash PMIs are due at 8:45 am CT. Traders also must keep an ear out for Fed speak and comments from the White House.
Price action in E-mini S&P and E-mini NQ futures has cleared last week’s spike highs post Fed and Thursday morning. Those highs posed significant resistance and will now act as our Pivot and point of balance in the E-mini S&P at 5765.25-5772.75 and major three-star support in the E-mini NQ at 20,105-20,168; we must see a constructive response upon any type of settling in after the opening bell. We maintain that our first target is rare major four-star resistance in the E-mini S&P at….
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