{"id":226710,"date":"2025-07-02T12:30:00","date_gmt":"2025-07-02T16:30:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=226710"},"modified":"2025-07-03T03:36:19","modified_gmt":"2025-07-03T07:36:19","slug":"sp-nq-morning-express-july-2-2025","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/futures\/sp-nq-morning-express-july-2-2025\/","title":{"rendered":"Rotation or Reversal? Key Support Holds in S&P and NQ"},"content":{"rendered":"\n

E-mini S&P (September) \/ E-mini NQ (September)<\/strong><\/h2>\n\n\n\n

S&P, yesterday\u2019s close: Settled at 6248.75, down 5.00<\/p>\n\n\n\n

NQ, yesterday\u2019s close: Settled at 22,692.75, down 200.50<\/p>\n\n\n\n

E-mini S&P futures finished close to unchanged while the E-mini NQ fell -0.9%. However, yesterday\u2019s story was one of rotation as the E-mini Dow gained +0.9% and the E-mini Russell ripped for as much as 2% before settling +1%. Materials and Healthcare led, posting +2.6 and +1.4%, respectively, and the top three Dow components were UNH, AMGN, and SHW. We own AMGN (+4%) in our Blue Line Capital portfolio and love the name, but do not get caught up in the broad rotation noise. Yes, it could last a week, maybe a month amid market strength, or this was the reach on underperformance in the E-mini Russell that typical comes before a garden variety pullback, which we can all agree is overdue. Still, we strongly believe the largest and strongest stocks in the market will lead the second half of the year; NVDA, MSFT, AVGO, and yes, even AAPL.<\/p>\n\n\n\n

Speaking of a healthy pullback, the July 9th <\/sup>tariff deadline is quickly approaching, and President Trump appears to be turning up the heat on Japan. On the other hand, the administration seems hopeful of a deal with India.<\/p>\n\n\n\n

E-mini S&P futures continue to trade against rare major four-star resistance aligning with the September contract record high at 6278.75-6285. Although the E-mini NQ pulled back more than the E-mini S&P intraday, they both tested and perfectly held our first wave of major three-star support, at 22,600 and 6218-6223.75, respectively. These levels remain intact and will serve as a line in the sand of sorts; below this, the range expands. Given the ongoing buoyancy, it is our Pivot and point of balance through the first hour that we will be watching most closely; continued price action above or below these levels at…
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Futures trading involves a substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete, and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.<\/p>\n\n\n\n

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Originally Posted on July 2, 2025 – Rotation or Reversal? Key Support Holds in S&P and NQ<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

E-mini S&P futures finished close to unchanged while the E-mini NQ fell -0.9%. <\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[17,6,9,26,3],"tags":[20043,1383,14003,20182,2554],"contributors-categories":[13588],"class_list":{"0":"post-226710","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-futures","7":"category-north-america","8":"category-securities","9":"category-text-articles","10":"category-traders-insight","11":"tag-economic-data-watch","12":"tag-market-sentiment","13":"tag-nasdaq-outlook","14":"tag-pre-market-trends","15":"tag-sp-futures","16":"contributors-categories-blue-line-futures"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"\nRotation or Reversal? 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