Structure Says Short… But Will News Flip the Script?Micro E-mini S&P 500 Index FuturesCME_MINI:MES1!stakkdPrice continues to unwind following Thursday’s distribution, where we saw clear seller control above the 6420–6430 zone. Heikin Ashi candles show strong trend conviction with no upper wicks, and the EMA stack remains fully bearish. We're now pressing into the 0% Fibonacci extension at 6294, with the next low sitting around 6260 a clean vacuum zone that could fill quickly if the trend accelerates. The volume profile from the breakdown range highlights 6429.25 as the point of control, acting as our primary rejection zone. Any pop into the 6383–6420 area will likely meet resistance. That’s our “dead cat bounce then fade” zone a textbook retracement rejection setup. Unless we reclaim 6435+ with conviction, the short bias remains intact. We’re already short from 6306, targeting 6260. Stops are invalidated on a strong reclaim above the 6435 level. However, today brings serious macro risk: Trump has announced sweeping new tariffs on 92 countries, including 35% on Canada and 39% on Switzerland, triggering equity market anxiety. These surprise trade actions could cause intraday spikes or violent reversals, especially if retaliatory news drops intraday. Amazon’s Q2 earnings missed cloud revenue expectations, putting pressure on tech futures. U.S. Non farm Payrolls (NFP) are due at 8:30 AM ET, with expectations at +110K and unemployment ticking up to 4.2%. A strong jobs print could derail September rate cut hopes and add fuel to downside continuation or completely reverse sentiment. We’re aware of this news risk and will adjust intraday. No stubborn bias here. But structurally, price is still in a trend, and this setup favours continuation unless macro flips the table. My Setup Summary: - Bias: Bearish (Trend Continuation) - Entry: 6306 (Short) - Target: 6260 - Invalidation: 6435 reclaim - Confluence: POC rejection, Fib retrace, bearish EMAs, weak retrace structure - News Risk: Tariffs, Amazon earnings miss, NFP at 8:30 AM ET Good luck today and hope that we end the week profitable.