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

S&P, last week’s close: Settled at 6595.25, down 184.00 on Friday and 168.75 on the week

NQ, last week’s close: Settled at 24,397.00, down 892.25 on Friday and 595.00 on the week

E-mini S&P and E-mini NQ futures plunged on Friday after President Trump posted on Truth Social, “Some very strange things are happening in China!…” He went on to criticize China’s export controls on rare earths, said there is no reason to meet with President Xi, and threatened a large increase in tariffs. Over the weekend, China clarified that the export controls are not a ban and will approve compliant export applications for civilian use. Following this, Vice President Vance helped de-escalate, and President Trump posted, “Don’t worry about China, it will be fine!…”

Due to the tone of de-escalation, E-mini S&P and E-mini NQ futures opened sharply higher Sunday night, erasing more than half of Friday’s losses at the peak. The overnight high came in after the European open, and both the E-mini S&P and E-mini NQ tested the .618 retracement of that range at 6704.75 and 24,918; these will become a line in the sand on the week. After falling back to the Sunday night open range, price action has been trading closely with the 50% retracement from Friday’s late low to the session’s high at 6673.25 in the E-mini S&P and 24,773 in the E-mini NQ. To the downside, sellers must take out first support in the E-mini S&P at….

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