Back in the Middle — Earnings Set the Stage
by Tony Rago
The bulls put together a strong session yesterday, bringing us right back into the middle of the broad range we’ve been trading since July. With major Big Tech earnings on deck and tomorrow’s FOMC meeting looming, I’m expecting some consolidation as the market waits for the next catalyst. That doesn’t mean we can’t get a move, but traders will be watching closely for signs of a breakout or another rejection inside this range. If buyers want to build on yesterday’s strength, they need to push through 29,750 on NQ and 7,777 on ES. On the downside, the bears need to break below 29,412 on NQ and 7,726 on ES to start shifting momentum back in their favor. Those are the levels to keep on your radar.
The key today is to stay flexible and avoid getting caught anticipating a move ahead of the news. We could see price chop around as traders reposition ahead of earnings and the Fed, so be selective and let the opening range help establish direction. If momentum develops, we can work with it; if the market stays stuck in the middle, there’s no need to force a trade. The bigger opportunities may come once these catalysts hit and the market reveals its next direction. Let’s see how we open, respect the levels, 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
