Year-End Drift — Eyes on the Levelsby Tony Rago Last trading day of 2025 and the tape is doing what holiday tape usually does — quiet, thin, and a little deceptive. Participation is light, but that doesn’t mean it’s risk-free. Low volume can still produce quick bursts of volatility if orders hit an empty book,

Waiting on a Sparkby Tony Rago It was a quiet overnight session, and for now the tape looks like it wants to stay that way. ES bulls need to hold above the weekly pivot at 6,957 and then reclaim the weekly open at 6,980 to really shift momentum back in their favor — that weekly

Christmas Eve morning, I did something most traders never do. I went backward. Not to relive trades I missed or second-guess decisions I made. I went back to validate the setups themselves. To answer a simple question that separates confident traders from uncertain ones. “All we’re doing in this homework process is we’re going back

Quiet Tape, Patience Requiredby Tony Rago We got the quiet overnight session we expected, and for now the day session is shaping up the same way. When conditions are like this, it’s important to stay open-minded — markets can offer everything or absolutely nothing. That means patience is the trade. Instead of forcing action, it’s

Holiday Tape — Stay Patientby Tony Rago We’re setting up for more holiday-style trade today — lower volatility, thinner participation, and a slow grind kind of tape. The open should still matter, though. Typically you’ll see the most opportunity in that first hour as overnight positioning gets sorted out, then activity tapers off as the

Holiday Tape, Opening Range Rulesby Tony Rago New week, new opportunities — but context matters. With Christmas week here, volume typically thins out as we move closer to the holiday, which can exaggerate moves and make levels more important than ever. Bulls pushed price higher into the close, setting a constructive tone, but in lighter

Wednesday morning, CPI data dropped and the NQ was sitting at a critical inflection point.  Traders in my room wanted to know what to do.  Buy the level because it’s on the chart? Short into strength? Wait for confirmation? I walked them through exactly how I think about these moments. “I don’t ever just like

OPEX in Play — Let the Tape Breatheby Tony Rago Big OPEX on deck after a wild, wave-filled week, and that alone can change the character of the tape. When options expire, positioning pressure often eases, which can lead to more two-sided trade and wider rotations. So far, bulls have done a solid job containing

CPI Bounce — Can It Stick?by Tony Rago CPI delivered a pre-market bounce, giving bulls an early opportunity to press — but it’s conditional. On ES, buyers need to hold 6,800 and 6,812 on any pullback to keep this move constructive. Those levels matter because they define whether the CPI reaction is real demand or

Waiting on Leadershipby Tony Rago Choppy conditions continue as we work through the contract roll, and that’s kept things a bit noisy and less directional than usual. Right now, we’re stuck inside a range that’s already been well-defined, and there’s a real chance we simply continue to chop unless one side steps up with conviction.