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

S&P, yesterday’s close: Settled at 5759.50, down 67.00

NQ, yesterday’s close: Settled at 20,116.50, down 372.00

After a three-day rebound, E-mini S&P and E-mini NQ futures were slammed. NVDA led to the downside after Chinese regulators tightened energy efficiency rules. The company is caught in geopolitical crosshairs as China is encouraging companies to use chips from domestic suppliers like Huawei. NVDA sells its less-advanced H20 chip to China in order to meet U.S. restrictions and is likely to change the design China’s new standards. Roughly $17 billion of NVDA’s $130.5 billion in revenue comes from China.

President Trump added to the market’s worries by implementing a 25% tariff on auto imports, to take effect April 3rd. He also commented that harsher tariffs would be imposed if the EU and Canada team up. From additional comments that “reciprocal tariffs will be extremely lenient” and “people will be pleasantly surprised on April 2nd,” there is a view that he would rather work with countries, water-down, and target the tariffs, than blanket it and do unneeded harm.

E-mini S&P and E-mini NQ futures neared closing the gap from Friday’s settlement, major three-star support at 5718.25-5723.25 in the E-mini S&P and 19,934-19,974 in the E-mini NQ. If this market is to find some stability, it starts with holding out above our Pivot and point of balance at…

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