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

S&P, yesterday’s close: Settled at 6324.25, up 17.00

NQ, yesterday’s close: Settled at 23,013.25, down 39.50

E-mini S&P and E-mini NQ futures quickly sank last night when President Trump announced a 35% tariff on Canada and spoke of raising the blanket tariff to 15-20%. The tape was buoyed after it was said Canada’s tariff will exempt USMCA goods, but price action has remained a bit heavy from yesterday’s fresh record high in the E-mini S&P, which matched the closing high from July 3rd.

E-mini S&P futures have tested and held major three-star support aligning with Wednesday’s midmorning low at 6272-6276. E-mini NQ futures slipped below that Wednesday low of 22,919 briefly on the opening bell range yesterday and last night trading to 22,831, but have broadly held first key support at 22,896-22,934. Our Pivot and point of balance for each index are detailed below and will play a critical role through the opening hour, helping to understand if weakness could be persistent. If that is the case, the next big area of support to come into play will be…

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