Waiting on the Next Catalyst
by Tony Rago
No economic data this morning and big earnings hitting after the bell, so we could be in for another slow summer tape. That said, I still expect the first hour to bring some volatility as traders position around these key levels. It’s all about the weekly pivots today. NQ is sitting basically right at its weekly pivot, while ES is trading below it. Bulls need to reclaim those levels and build some momentum from there if they’re going to push this market higher.
The bigger picture remains sideways. Bulls have done a good job defending the pullbacks, but they continue to struggle to sustain rallies, which tells me the market is still waiting for a catalyst to spark the next real leg. Until that happens, we need to stay flexible and avoid forcing a directional bias. Let the opening range develop, watch how price reacts around the weekly pivots, and trade what you see. The market will tell us when it’s ready to move—our job is to be ready when it does.
👉 Full breakdown is inside today’s Pre-Market Playbook.
Check it out here and trade it smart.
Until next time,
Tony
