Fed Decision Looms Large – Will Support Hold for S&P and NQ?

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

S&P, yesterday’s close: Settled at 6038.50, up 51.25

NQ, yesterday’s close: Settled at 21,956.00, down 212.25

The Federal Reserve concludes its policy meeting at 1:00 pm CT. Although they are not expected to cut rates, the committee’s quarterly Summary of Economic Projections will be closely watched, which includes the Dot Plot and GDP forecasts. Fed Chair Powell will then hold his press conference at 1:30 pm CT.

The Iran-Israel conflict remains at the forefront, and rumors have been circulating that the U.S. could officially become involved in a matter of days.

E-mini S&P and E-mini NQ futures lost some ground late in the session yesterday after struggling to hold at our Pivot and point of balance at 6071.25 and 22,140-22,158, respectively. The range remains well-defined, with resistance holding, as we highlighted yesterday, aligning with Thursday’s close, which was checked Monday morning. To the downside, major three-star support in the E-mini S&P held intraday yesterday, despite a quick bleed overnight. Similarly, major three-star support in the E-mini NQ is holding well and if this continues to be the case, it paves the way for higher highs post-Fed, with these supports coming in at…

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