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

S&P, last week’s close: Settled at 5916.00, up 6.75 on Friday and 99.00 on the week

NQ, last week’s close: Settled at 21,376.75, down 31.75 on Friday and up 401.75 on the week

From start to finish last week, there was a whirlwind of news driving markets into month-end. First, President Trump delayed the 50% tariffs on imports from the EU on Sunday night, walking back his firm language before Memorial Day weekend, to give time for negotiations. NVDA posted a tremendous earnings report Wednesday evening, not much more than an hour before a court ruled against President Trump’s ability to install tariffs. Thursday, an appeals court reinstated President Trump’s tariffs, with a hearing set for June 9th. On Friday, the White House announced plans for broader China tech sanctions and continued to firm up language on software and chip activity with China. After the close, news then broke on steel and aluminum tariffs. In the end, E-mini S&P and E-mini NQ futures struggled on Friday, but erased mid-morning losses to finish a terrific week.

The closely watched ISM Manufacturing report is due at 9:00 am CT. Breaking: weaker than expected at 48.5 versus 49.3 with Prices at 69.4 versus 70.2.

Friday’s late strength into the month end leaves a strong wave of resistance overhead. Price action checked what was a key level at 5932.75 in the E-mini S&P, which is now major three-star resistance. In the E-mini NQ, strong overhead resistance persists at 21,433-21,460 and just above at 21,506-21545. However, price action round tripped overnight and pinged our listed supports below. Given some soft footing, there may need to be a good market profile build out at and above our Pivot and point of balance in order to build for a leg higher, with that pocket coming in the E-mini S&P at…

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