Futures Steady Amid Tech Shakeup and Key Data Ahead

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

S&P, yesterday’s close: Settled at 5553.00, up 3.25

NQ, yesterday’s close: Settled at 19,528.00, down 7.25

E-mini S&P and E-mini NQ futures were firm to start the week, battling back from a midsession lull to finish nearly unchanged at Friday’s elevated levels. Big tech saw a wave of profit-taking that began shortly after reports surfaced that Huawei had successfully tested its new AI chip, designed to compete with NVDA’s H100. Make no mistake, Huawei’s Ascend 910D is not NVDA’s H100 and requires at least five times the number of chips, more power, and a more stable network that can easily become strained to merely match NVDA’s H100. Outside of China, there is little need for Huawei’s technology, given that NVDA’s software is a competitive advantage, and the company has already moved onto the Blackwell model (B100 and B200) that provides significantly more compute and efficiency than even its own H100.

On the economic calendar, the Home Price data is due at 8:00 am CT, CB Consumer Confidence and JOLTS are due at 9:00 am CT, and an updated Atlanta Fed GDPNow is due at 9:30 am CT. Tomorrow, we get the Fed’s preferred inflation indicator, the Core PCE Index. 

Early weakness yesterday allowed the E-mini S&P and E-mini NQ to check Friday’s low range and affirm major three-star support at 5480.75-5492 and 19,216-19,257. However, it is notable that we have significant support above and below these marks, detailed below. Price action has backed off the morning’s highs amid the White House press conference discussing President Trump’s first 100 days. In order to maintain momentum from yesterday, we want to see price action regain our Pivot and point of balance in the first hour, inviting buyers above…

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