Relief Rally or Something More?
by Tony Rago
Big rally back into some key levels overnight, with 28,500 on NQ and 7,500 on ES now front and center. Since today is the final trading day of July, I’m watching for a retracement to help us determine whether this rally has real legs or if we’re simply seeing a relief bounce off the recent lows. Bulls need to defend 7,462 on ES and the 28,106–28,000 zone on NQ, then bounce with enough strength to reclaim and close above those key levels. If they can do that, the rally has a chance to continue. If not, the bears will be looking to cap the move and push price back under 7,462 and 28,106.
With month-end positioning in play, today’s session could have some interesting flows as traders and institutions look to pin price around certain levels. That’s another reason not to get too aggressive too early. Let the market show us whether buyers can sustain the move or if sellers are waiting to fade the rally. Watch the key levels, respect the reaction, and stay flexible. By the end of the day, we’ll have a much better idea of who really had control of this move.
👉 Full breakdown is inside today’s Pre-Market Playbook.
Check it out here and trade it smart.
Until next time,
Tony
