S&P & NQ: Tariff Tensions Meet Market Resilience

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

S&P, yesterday’s close: Settled at 6006.50, up 19.50

NQ, yesterday’s close: Settled at 20,880.25, up 30.50

E-mini S&P and E-mini NQ futures are pointing higher this morning, a session removed from the Sunday night surge and on the heels of last night’s promise from President-elect Trump to immediately implement tariffs upon taking office January 20th. Price action erased gains yesterday afternoon in what proved to be a healthy pullback covering Friday’s gap close, before finishing firm, though off the session’s best levels. However, last night’s tape revisited that low after Trump said he will impose a 25% tariff on Canada and Mexico until both counties stop drugs and people from illegally crossing the border. Also, a 10% tariff on China above any additional tariffs due to drugs coming across the border. On one hand, he detailed a framework of what needs to be done to avoid those tariffs.  

E-mini S&P futures have responded very well to support at Friday’s settlement level and the significant pocket of support developed around the November 14th gap close. As we described yesterday, these levels will be a line in the sand to hold the Sunday night surge, and although adjusted slightly (detailed below) that remains the case. The closest overhead resistance has been adjusted to align with yesterday’s opening ranges (detailed below) but given the volatility and rebound we will be watching our Pivot and point of balance most closely for cues of continued strength if price action can remain above. For the E-mini S&P this is..

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