Dip Buyers Deliver—Now Comes the Next Test
by Tony Rago
Yesterday’s dip buy played out almost exactly as planned, with NQ finding buyers at 28,912 and ES responding from the 7,470 area. That was an important reminder that buyers are still willing to step in at key support, but now comes the next test. For the bulls, the job is to keep NQ above 29,412 and defend the 7,500–7,512 zone on ES. If those levels hold, buyers have a chance to continue building on yesterday’s reversal. Bears, however, still have opportunities. They can lean against 29,812 and the weekly pivot on NQ while using the 7,562 weekly open on ES as a key resistance area to try and push the market back lower.
As always, the opening range should provide the first real clues. With earnings season approaching, there’s a good chance we settle into a broader trading range rather than immediately breaking out. Right now, I could easily see NQ rotating between 29,000 and 30,000, while ES works between 7,500 and 7,600 until a bigger catalyst emerges. In my view, that catalyst is likely to come from the tech sector—specifically what we hear around AI spending and capital expenditures. Until then, stay patient, respect the range, and let price dictate the trade.
👉 Full breakdown is inside today’s Pre-Market Playbook.
Check it out here and trade it smart.
Until next time,
Tony
