Waiting on Leadership
by 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. For the bulls, it starts with defending pullbacks into ES 6,850 and NQ 25,333 — areas that have acted as short-term balance points. If buyers can absorb pressure there and reclaim 6,890 on ES and 25,500 on NQ, that would signal initiative rather than just responsive buying.
Until then, flexibility matters. This is the type of tape where forcing trades can do more damage than missing a move, and standing aside is a valid position if conditions stay muddy. I’ll be watching how we open for clues — whether we see early acceptance back above those reclaim levels or more range-bound behavior that keeps both sides guessing. Stay light, stay patient, and be ready to react instead of predict. 💪
👉 Full breakdown is inside today’s Pre-Market Playbook. Check it out here and trade it smart.
