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Futures Hold Gains as Market Awaits Key Data and Fed Speak
E-mini S&P (June) / E-mini NQ (June)
S&P, yesterday’s close: Settled at 5815.50, up 97.25
NQ, yesterday’s close: Settled at 20,374.25, up 413.25
E-mini S&P and E-mini NQ futures consolidated constructively and quietly overnight, finding help from a muted news cycle. The week started with a bang; the four names that stood out most were TSLA +11.93%, AMD +6.96%, PLTR +6.37%, and MTZ +6.17%. Additionally, each NVD, AMZN, META, and LLY added at least 3%. Yesterday, we cited a carefully crafted offensive by the White House to control the narrative around the April 2nd tariffs as well-timed and calming, helping to bring bullish tailwinds into quarter-end. Given post-expiry positioning and bullish flows from institutions, things are on that path, and a quiet news cycle will be seen as supportive.
Home Price data is due at 8:00 am CT, CB Consumer Confidence is out at 9:00 am CT along with New Home Sales, and traders want to keep an eye on both Fed speak, and a 2-year auction at noon CT.
E-mini S&P futures tested into rare major four-star resistance yesterday at 5810.75-5829.75 and settled at 5815.50. This will create a pivot and point of balance at 5810.75-5815.50 and define resistance at the exact March 7th close as a level we must decisively settle above in order to pave the way higher. Similarly, the E-mini NQ has rare major four-star resistance at 20,445-20,463. Today’s price action will be critical in helping to define whether yesterday was a fluke or if there are serious bullish flows. While we have key resistance at 5840.25-5844.50, we believe that confirmation of yesterday’s strength should target major three resistance at…
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