Bears Have the Edge — But Can They Press It?
by Tony Rago
Yesterday’s close below both the weekly pivot and weekly open gives bears a technical edge coming into today’s session. Those are important reference points because once price loses them, momentum tends to favor continuation lower unless buyers can quickly reclaim control. For that downside to really open up, bears need to defend ES 7410 as resistance while keeping NQ under the 29000/106 zone. If those levels continue rejecting bounces, pressure can build fast and open the door for another leg lower.
The interesting wrinkle here is the VIX — it still hasn’t fully confirmed the move. A push above 20 would add credibility to the bearish case and signal traders are finally pricing in more fear and volatility. Meanwhile, crude remains bid above 103 pre-market, keeping inflation and macro pressure in the conversation. Add in the G7 summit headlines throughout the day, and we could easily see sharp reactions off unexpected news flow. Feels like one of those sessions where patience and level-to-level execution matter more than forcing trades. Let’s get after it!
👉 Full breakdown is inside today’s Pre-Market Playbook. Check it out here and trade it smart.
– Tony
