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

S&P, yesterday’s close: Settled at 5684.50, up 32.50

NQ, yesterday’s close: Settled at 20,184.00, up 187.00

E-mini S&P futures were gearing to break out above rare major four-star resistance yesterday at 5721.75-5739.75, even pinging the April 2^nd intraday high, but things turned south into the close. One could say it was reports that President Trump is considering a higher tax on those earning $2.5 million or more, which aligns with the move. However, just minutes before, it was said the administration may lower tariffs on China to 50%, as early as next week, to smooth the path of trade talks, which would seem supportive to markets. Maybe it was simply technical, and resistance held. The E-mini S&P settled about 1% from the session high, and the E-mini NQ surrendered last Friday’s high. The stage is now set for the last day of the week and a critical weekly close.

This morning, the White House said it would lower tariffs on China to 80%. Markets whipsawed, but in the aftermath, the tape changed very little. As today unfolds, traders also want to keep an ear to the ground for a deluge of fresh Fed speak.

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