Futures Stall as Ceasefire Hopes Meet Weak Follow-Through
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E-mini S&P (June) / E-mini NQ (June)
S&P, yesterday’s close: Settled at 6606.00, down 28.75
NQ, yesterday’s close: Settled at 24,213.75, down 194.50
E-mini S&P and E-mini NQ futures failed to follow through from Monday’s strength, and though the E-mini Russell posted a solid session +0.5%, it did not take out Monday’s high. After the closing bell, it was reported that the U.S. proposed a 15-point plan to end the war and a one-month ceasefire during negotiations. Markets reacted immediately; indices, metals, and treasuries rallied, while the U.S. Dollar and Crude Oil slipped. Still, none of the four major indices has taken out Monday’s early morning spike high that occurred on President Trump’s post. As today plays out, it will be critical to see continued buoyancy in the E-mini S&P and E-mini NQ, as a failure today will be a tough one for the bulls to swallow.
The E-mini NQ underperformed yesterday due to a bludgeoning in software after Anthropic announced its Claude AI assistant. While software is higher ahead of the opening bell, we believe broad strength is necessary for a sustained rally through Monday’s high. As the morning unfolds, it is imperative that we see our first key supports hold at 6627.50-6634.75 in the E-mini S&P and 23,308-24,325 in the E-mini NQ. Ultimately, we must see price action above our Pivot and point of balance in order to feed higher prices with those levels coming in at
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