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

S&P, yesterday’s close: Settled at 5587.00, up 3.25

NQ, yesterday’s close: Settled at 19,658.50, up 16.50

E-mini S&P and E-mini NQ futures are sharply higher on blowout Q1 earnings and surprisingly strong guidance from MSFT and META. Premarket, the stocks are +8.5% and 7.5%, respectively. The companies also confirmed the AI narrative, and specifically at MSFT, AI accounted for 16% of Azure’s growth. In response, NVDA is +4.5%. The tailwind comes on the heels of strong quarter-end buying; the E-mini S&P had the most volume in the final 30 minutes since the historic surge on April 9th. AAPL and AMZN are now on deck, reporting after the bell today.

Initial Jobless Claims came in higher than expected at 241k versus 224k. Next up is final SPGI Manufacturing PMI at 8:45 am CT, and the more closely watched ISM report at 9:00 am CT.

E-mini S&P futures surged through significant resistance at 5578.75-5584.50 late yesterday, while the E-mini NQ jumped into a critical area of rare major four-star resistance at 19,758, the April 2nd gap. We always say the indices work best when they lift each other through areas of resistance, which is exactly what happened. The next critical area aligns with the E-mini S&P’s April 2nd gap at 5712.25-5739.25, and there is certainly a bullseye here. The E-mini NQ has tested our next resistance, aligning with the high from April 2nd at 19,990-20,044. If price action settles in constructively without closing the gap from yesterday’s settlement before making its next attempt, we want to see support hold in the E-mini S&P at….

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