E-mini S&P (June) / E-mini NQ (June)

S&P, yesterday’s close: Settled at 5934.25, up 117.25

NQ, yesterday’s close: Settled at 21,460.50, up 485.50

E-mini S&P and E-mini NQ futures continued their strength coming out of Memorial Day, finishing 1% and less than 0.5% from the May 20th swing high. Yesterday morning, home price data came in soft, which is indicative of disinflation, and the CB Consumer Confidence reading was a huge surprise at 98 versus 87.1. Given the poor sentiment of late and lingering stagflationary fears, the one-two punch brought additional tailwinds to carry the indices higher. This now leads into Nvidia’s (NVDA) much-anticipated earnings report after the bell.

E-mini S&P futures are probing into the May 21st 20-year auction fallout, which aligns to create major three-star resistance at 5937.50-5948 and 5956.25-5959.75. The E-mini NQ had all but made a new swing high ahead of the auction and was testing resistance that still stands at 21,506-21,545. We believe the underlying strength shows similarities to 2019, but it is also undeniable that the AI trade has come back to life since the hyperscalers’ earnings reports, and Alphabet’s Google I/O event (GOOG, GOOGL). With NVDA’s earnings after the bell today, the door is wide open for tech leadership. Although a breakout above the May 20th highs should provide a significant bullish tailwind, we cannot ignore strong overhead resistance in the E-mini S&P and E-mini NQ at…

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