US: Senate Expected To Vote Today On Symbolic Resolution To Block Trump Tariffs

E-minis also off lows ahead of the cash equity open, with the break below the Mar 13 low and bear trigger (5,559.75) proving limited and short-lived.

• Still, the bearish risks to the contract are gathering more momentum.
• Tech names proving most sensitive to tariff-related risks in pre-cash open trade, while some questions surrounding the sustainability of AI earnings growth also weigh on the sector.
• Negative starts seen for cash trade across the major indices:
• S&P 500 e-minis: -1.03%
• NASDAQ 100 e-minis: -1.46%
• DJIA e-minis: -0.72%

• RES 4: 5896.39 50-day EMA 
• RES 3: 5837.25 High Mar 25 and a key resistance    
• RES 2: 5778.68 20-day EMA
• RES 1: 5651.25 Low Mar 21                       
• PRICE: 5573.25 @ 14:13 BST Mar 31  
• SUP 1: 5559.75/52.00 Low Mar 13 and the bear trigger / Intraday low                   
• SUP 2: 5500.00 Round number support 
• SUP 3: 5483.50 2.00 proj of the Dec 6 ‘24 - Jan 13 - Feb 19 swing
• SUP 4: 5396.00 2.236 proj of the Dec 6 ‘24 - Jan 13 - Feb 19 swing

S&P E-Minis traded sharply lower Friday and the contract maintains a softer tone. Attention is on key support and the bear trigger at 5559.75, the Mar 13 low. It has been pierced, a clear break of it would confirm a resumption of the downtrend that started Feb 19, and open 5483.30, a Fibonacci projection. MA studies are in a bear-mode position, highlighting a dominant downtrend. Key short-term resistance has been defined at 5837.25, the Mar 25 high.

Euro Stoxx 50 futures only managed a limited break of next support at 5,160.00, basing at 5,157.00 before recovering to ~5,190.00.

• News flow remains relatively limited, with tariff worry and cross-market cues dominating for much of the day.