Testing the Highs — Watching the Pivot
by Tony Rago
New week, new opportunity — and price isn’t wasting time pressing higher. We saw continuation overnight with fresh highs before a slight pullback into the open, which is pretty typical after an extended push. The key focus now shifts to the weekly open and the weekly pivot — both act as important reference points for institutional positioning. When price holds above these levels, it signals underlying strength; lose them with acceptance, and the tone can shift quickly. The tape is starting to show a bit of fatigue up at these highs, but every dip so far has been bought aggressively, which keeps the structure intact for now.
That’s the tension in this market — stretched conditions versus persistent demand. For a meaningful pullback to develop, we need to see a clean break and close below that weekly pivot, not just a quick wick through it. Until then, fading strength can be tricky if buyers keep stepping in. I’ll be patient off the open and let the opening range (OR) develop — that initial balance often gives the first real clue of intent for the session. No need to force it early… let the market tip its hand, then lean in with structure.
👉 Full breakdown is inside today’s Pre-Market Playbook. Check it out here and trade it smart.
