S&P and NQ Rally into Resistance—Can Bulls Hold the Line?

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

S&P, yesterday’s close: Settled at 5511.25, up 109.50

NQ, yesterday’s close: Settled at 19,322.00, up 518.00

E-mini S&P and E-mini NQ futures extended gains on the week yesterday as traders and investors welcomed more risk. For the moment, the White House’s tone has shifted to de-escalation. Coupled with a strong start to earnings season, this has boosted the E-mini S&P to its highest level since Thursday, April 3rd, and the E-mini NQ to its highest level since the April 2nd tariff announcement, when the market reversed gains into losses.

GOOG reported a strong quarter, topping estimates, announcing a $70 billion buyback, and increasing its dividend by 5%; the stock is up 3.5% premarket. META doesn’t report until April 30th, but announced job cuts in its Reality Labs division after the bell yesterday, helping to support the stock by 2.5% ahead of the bell.

The final Michigan Consumer data for April is due at 9:00 a.m. CT. This includes the egregiously high 1-year inflation expectations of 6.7%. Any revision lower would be welcomed.

E-mini S&P and E-mini NQ futures are off their best levels of the session, but the tape remains extremely constructive. However, it is critical that today’s path does not erode, and price action responds to areas of support. If this holds true, we could see a continued rally into the thick of the April 2nd reversal, for which we have updated our resistance levels, detailed below. First, we had strong resistance levels at 5497.75-5499.75 in the E-mini S&P and 19,255 in the E-mini NQ, which were exceeded yesterday. These are now at our Pivot and point of balance, and we must see buyers defend these areas. If we slip further, there is a lineup of key support levels in the E-mini S&P highlighted below, and major three-star support in the E-mini NQ comes in at….

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