S&P 500 Fed independence concerns + tariff threatsUS 500 (per 1.0)TRADENATION:US500TradeNationFed/Political Risk: Trump announced the dismissal of Fed Governor Cook, citing mortgage-related allegations. Markets saw this as a fresh escalation of political pressure on the Fed. The dollar initially dropped (-0.4%) before recovering, while gold held a +1% gain. Treasuries steepened sharply (2s30s at steepest since Jan 2022), highlighting rising risk premia around Fed independence. This adds uncertainty for monetary policy credibility, a potential headwind for US equities. Tariffs/Tech Risk: Trump threatened new tariffs and export restrictions on advanced technology in retaliation for digital services taxes. This raises headline risk for US megacaps, particularly tech, and could weigh on Nasdaq sentiment. Geopolitics (France): US–France tensions escalated after comments from Ambassador Kushner, coinciding with France’s plan to recognize a Palestinian state. While not directly market-moving, it reinforces geopolitical overhangs that could spill into risk sentiment. Market Impact: Futures: S&P 500 (-0.14%), Nasdaq (-0.18%) modestly lower. Rates: Steepening curve adds pressure to longer-duration equities. Risk Tone: Elevated political/geopolitical noise may cap near-term upside. For S&P 500 traders: Fed independence concerns + tariff threats = watch for tech underperformance and a potential pickup in volatility around US political headlines. Key Support and Resistance Levels Resistance Level 1: 6516 Resistance Level 2: 6540 Resistance Level 3: 6565 Support Level 1: 6380 Support Level 2: 6360 Support Level 3: 6340 This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.