The Tailwinds Continue But to Where?
E-mini S&P (June) / E-mini NQ (June)
S&P, yesterday’s close: Settled at 5206.50, up 51.75
NQ, yesterday’s close: Settled at 18,195.50, up 194.75
E-mini S&P and E-mini NQ futures carried last week’s bullish tailwinds to close sharply higher on Monday. The E-mini S&P cleared major three-star resistance, a level specifically noted here yesterday, at 5192.25-5197.25, which begins neutralizing the selling that kicked in from April 12th-15th. While price action still must chew through supply created from the whipsaw action dating back to the start of April when the S&P came of its fresh record high, our more Bullish Bias will stand until a failure to hold major three-star support at 5184.75-5190.50. Furthermore, only a close back below 5145.50-5148.50 is now needed to potentially turn momentum bearish.
The E-mini NQ is still working through resistance at 18,179, which now aligns with yesterday’s spike high of 18,198, but we see the bulls in the driver’s seat while holding above 18,042-18,050.
With the economic calendar light before China Trade Balance data Wednesday night, the Bank of England Thursday morning, and fresh May Michigan Consumer data Friday, price action will be susceptible to headlines, Fed speak, and Treasury auctions. Today, traders should keep an ear out for Minneapolis Fed President Kashkari (non-voter until 2026) at 10:30 am CT, and a 3-year Note auction at noon CT.
Bias: Bullish/Neutral
Resistance: 5213-5218.75***, 5243.25-5246.25***
Pivot: 5206.50
Support: 5197.25-5199**, 5184.75-5190.25***, 5174**, 5166.75-5167**, 5154.75-5157***, 5145.50-5148.50***, 5137.25*, 5126.75-5127.75**, 5118.75**, 5104.50-5109.25***, 5100.75**, 5087-5091.50****
NQ (June)
Resistance: 18,179-18,198***, 18,223-18,227**, 18,326-18,339***
Pivot: 18,145
Support: 18,099-18,110**, 18,042-18,050***, 18,004*, 17,949-17,962**, 17,893-17,911***, 17,805-17,808*, 17,743-17,793*** 17,649-17,686****
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*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
S&P, yesterday’s close: Settled at 5206.50, up 51.75
NQ, yesterday’s close: Settled at 18,195.50, up 194.75
E-mini S&P and E-mini NQ futures carried last week’s bullish tailwinds to close sharply higher on Monday. The E-mini S&P cleared major three-star resistance, a level specifically noted here yesterday, at 5192.25-5197.25, which begins neutralizing the selling that kicked in from April 12th-15th. While price action still must chew through supply created from the whipsaw action dating back to the start of April when the S&P came of its fresh record high, our more Bullish Bias will stand until a failure to hold major three-star support at 5184.75-5190.50. Furthermore, only a close back below 5145.50-5148.50 is now needed to potentially turn momentum bearish.
The E-mini NQ is still working through resistance at 18,179, which now aligns with yesterday’s spike high of 18,198, but we see the bulls in the driver’s seat while holding above 18,042-18,050.
With the economic calendar light before China Trade Balance data Wednesday night, the Bank of England Thursday morning, and fresh May Michigan Consumer data Friday, price action will be susceptible to headlines, Fed speak, and Treasury auctions. Today, traders should keep an ear out for Minneapolis Fed President Kashkari (non-voter until 2026) at 10:30 am CT, and a 3-year Note auction at noon CT.
Bias: Bullish/Neutral
Resistance: 5213-5218.75***, 5243.25-5246.25***
Pivot: 5206.50
Support: 5197.25-5199**, 5184.75-5190.25***, 5174**, 5166.75-5167**, 5154.75-5157***, 5145.50-5148.50***, 5137.25*, 5126.75-5127.75**, 5118.75**, 5104.50-5109.25***, 5100.75**, 5087-5091.50****
NQ (June)
Resistance: 18,179-18,198***, 18,223-18,227**, 18,326-18,339***
Pivot: 18,145
Support: 18,099-18,110**, 18,042-18,050***, 18,004*, 17,949-17,962**, 17,893-17,911***, 17,805-17,808*, 17,743-17,793*** 17,649-17,686****
Sign up for a FREE trial of our daily research: bluelinefutures.com/free-trial/
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.