S&P 500 index futures price dip as earnings week begins and trade tensions linger
S&P 500 futures stall below key resistance as earnings season and tariff warnings hit sentiment
U.S. stock index futures traded lower early Monday as markets reopened after a long holiday weekend, with investors showing caution amid persistent concerns about U.S.-China trade tensions and the start of a busy corporate earnings calendar. The S&P 500, which closed last week with a 1.5% loss, is attempting to stabilize near the 5,280–5,300 zone following a rebound from early-April lows.
However, recent remarks by Chicago Fed President Austan Goolsbee warning that tariffs could weigh on summer economic activity have added to the market’s cautious tone.
Markets remain wary over the lack of direct engagement between Washington and Beijing, even as the U.S. continues to negotiate tariff terms with other major economies. Adding to investor hesitation, over 100 S&P 500 companies are slated to report earnings this week. The list includes Tesla and Alphabet, as well as major players from the telecommunications and airline sectors such as Verizon, AT&T, Boeing, and American Airlines.
Traders are bracing for earnings reports to shed light on corporate margins in a high-rate environment and any forward-looking commentary tied to inflation and trade headwinds.
S&P 500 price forecast (Nov 2024 - April 2025) Source: TradingView.
S&P 500 trades at key technical levels ahead of breakout setup
From a technical standpoint, the S&P 500 is consolidating within a symmetrical triangle pattern, with resistance capped at 5,352 and support near 5,220. The index is trading below the 100 and 200 EMAs, currently at 5,612 and 5,716, reinforcing broader bearish pressure. However, price is hovering near the 20 and 50 EMAs, hinting at a possible mean-reversion attempt. The RSI remains neutral at 44.40, and a decisive move above 50 could tilt momentum back toward bulls.
A breakout above 5,350 could trigger a rally toward 5,420 and 5,460, especially if earnings results exceed expectations. Conversely, a breakdown below 5,220 could open room for a retest of 5,120 and 5,060. Volume-supported candles along the triangle’s edges will likely provide the next directional cue.
As noted in our earlier coverage, volatility in the S&P 500 has increased amid policy and geopolitical uncertainty. Traders should continue to monitor earnings updates and global PMI data for clarity on near-term trend direction.
