A Split Tape — Levels Matter
by Tony Rago
NQ bulls are still struggling to hold rallies, while the bounces we’re seeing are largely coming from ES. That leaves us with a split tape, and those conditions can make for a tricky trade. There was significant volume around 7,733 yesterday, so that’s the level I’ll be watching closely in ES. If buyers can convert it into support, we have a shot at testing 7,777. But if sellers turn 7,733 into resistance, the next downside areas come into view at 7,700 and 7,688. On the NQ side, bulls have plenty of work to do — they’ll need to chew through several layers of resistance before getting back to 28,500 and, more importantly, converting that level into support.
Unless we see a clean breakout above yesterday’s highs, I’m expecting more range-bound action today. In a split market, it’s especially important not to let one index dictate your bias for the other. Watch how ES responds around 7,733, see whether NQ can start showing some real strength, and let the opening action give us a better read. No need to force a trade before the market shows its hand. Let’s see how we open and go from there!
👉 Full breakdown is inside today’s Pre-Market Playbook.
Check it out here and trade it smart.
Until next time,
Tony
