Testing 7,000 — Who Defends the Pullback?
by Tony Rago
ES hit a major milestone with a clean test of 7,000 overnight before backing off — a psychological level that naturally invites two-way trade. Now the focus shifts to defense. Bulls need to step up on pullbacks, with 6,912 acting as the clear line in the sand. Coming into the open, bears have a slight edge after the rejection, but this is also the type of spot where buyers often look to scoop risk if structure holds. How price behaves around these levels will tell us whether this is digestion or the start of something heavier.
Looking ahead, tomorrow’s jobs report adds pressure to get positioning right. If bulls can’t hold 6,942, we could see downside build as traders reduce risk ahead of the data. NQ continues to lag, and bulls there still need to hold the line to open a path back toward 26,000 — without that, leadership remains suspect. For now, it’s about reading the open, respecting the levels, and letting the market show its hand before pressing. One good trade at a time. 💪
👉 Full breakdown is inside today’s Pre-Market Playbook. Check it out here and trade it smart.
