E-mini S&P June futures traded 9 points above support at 7,350/7,330, bouncing to 7,400 and into minor resistance at 7,423/7,428 before slipping back to 7,407. The contract then pushed higher again, topping out 11 points above 7,465, and later fell to 7,411. The note mapped a potential consolidation range between 7,350/7,330 and 7,520/7,530, with a shorter-term band of 7,360 to 7,460/7,470. Trade levels referenced included stops below 7,300 for longs near support; a break under 7,300 targeting 7,280/7,275, then 7,255/7,250 and possibly 7,225/7,220, with support cited at 7,200/7,185. Upside triggers were set at 7,435 for 7,445 and 7,460/7,465, plus a break above 7,475 towards 7,490/7,495 and above 7,500 towards 7,520/7,530, with a stop above 7,545. E-mini Nasdaq June futures recovered to hold above 29,100/29,000, extending the move to 29,743. Support was framed at 29,300/29,200 with stops below 29,100, while a break lower risked 28,950/28,850 with stops below 28,750; below 28,750, the next area cited was 27,950/27,900. Additional parameters included stops below 27,700, a potential bounce back towards 29,000, and downside risk to 27,000 if 27,700 breaks. On the topside, holding 29,300/29,200 was linked to a retest of 29,743 and possibly 29,780/29,800, with a break higher targeting 30,000/30,100 and stops above 30,200 for shorts.

E-mini S&P 500: Consolidation and Range-Bound Strategies

For Emini S&P futures, we think the market is entering a consolidation phase after its recent run. Instead of a strong trend, we expect prices to move back and forth within a longer-term range of roughly 7330 to 7530. This view is supported by the latest May jobs report, which showed a moderate gain of 195,000 jobs, and a core CPI that remains sticky at 3.1%, giving the Fed little reason to change its policy. In the coming weeks, this means we should adjust our trading strategy to this sideways action. The volatility index, or VIX, has settled into a 16-18 range, suggesting traders are not pricing in a major move up or down right now. We see this as a time to be patient and avoid chasing breakouts that are likely to fail. Our plan is to be buyers near the strong support level around 7350/7330, with stops placed below 7300. On the upside, we will look for a break above 7475 as a signal to buy for a quick move towards the 7495 area. However, we see the 7520/7530 zone as a significant resistance level where we would consider taking profits or initiating shorts. We must also be prepared for a breakdown if support does not hold. A sustained break below 7300 would be a clear sell signal for us, with initial downside targets at 7280 and then 7250. This sideways chop reminds us of the summer of 2023, where the market digested gains for several weeks before choosing a direction.

E-mini Nasdaq 100: Buy-On-Dip and Key Technical Levels

For the Emini Nasdaq, we see a more resilient picture and will continue to be buyers on dips. The recovery from the 29000 level was strong, and we believe bulls are waiting on the sidelines for opportunities. Our first level of interest for buying is the support zone at 29300/29200. With the Federal Reserve signaling that rate cuts are unlikely before the fourth quarter, big tech earnings will remain the primary driver for the Nasdaq. We think holding above 29200 allows for another test of the recent highs near 29750. A clear break above 29800 would be our trigger to target the major psychological resistance at 30,000. We will use the 30,000/30,100 area as a place to take profits on long positions and possibly look for short opportunities, with a stop above 30200. The key risk for our bullish view on the Nasdaq is a break below 28750. Such a move would likely signal a deeper correction towards the stronger support found near 27950.

Start trading now — click here to create your real VT Markets account.