E-minis Surge on Ceasefire, Bulls Eye Breakout to New Highs
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E-mini S&P (June) / E-mini NQ (June)
S&P, yesterday’s close: Settled at 6656.75, up 5.75
NQ, yesterday’s close: Settled at 24,371.00, up 12.50
E-mini S&P and E-mini NQ futures have surged higher on a two-week ceasefire that avoided the destruction threatened by President Trump. Details will be critical, and only rumors have emerged, but Trump posted to Truth Social this morning that, “Iran has gone through a productive regime change and there will be no enrichment of Uranium.” The Strait of Hormuz also remains in the balance, and the trajectory of its traffic will be key in determining the length of this risk-on rebound. Ultimately, markets are reacting similarly to one year ago, when we saw extreme threats of tariffs, only for the President to negotiate much more favorable terms.
E-mini S&P futures are trading at one-month highs, and E-mini NQ futures are testing the February 26th reversal from after NVDA’s earnings. Price action roared through the March 23rd spike, and we have critical areas of resistance aligning around here in which the indices must not surrender, at 6743.25-6748 and 6725 in the E-mini S&P and 24,763-24,771 in the E-mini NQ. We expect tech to be a leader in the coming days and weeks, and believe that if price action in the E-mini NQ can clear our three listed layers of resistance between here and about 2%, it will set a path to fresh record highs. For now, we must see price action hold above our Pivot and points of balance at…
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