The Bulls Have the Ball — Now They Need to Hold It
by Tony Rago
What a swing overnight! Election-night trading sparked a massive reversal, with NQ rallying more than 1,000 points off the lows and ES recovering nearly 200 points. The weekly bar is now showing a significant wick, signaling a powerful sweep of those lows and a strong rejection of lower prices. So, what now? The bulls have the ball coming into today’s session, but the real test is whether they can hold on to those gains. The weekly open needs to hold, and 7,588 on ES — the halfway-back level of the entire rally — is another important line in the sand if we get a pullback. On NQ, the key zone is 28,250/28,106, along with a close back above the prior week’s low.
I’ll be watching ES closely for leadership. Tech is still wounded, and semiconductors haven’t been participating in the recovery, so I want to see whether the broader S&P can carry the rally and help pull NQ along. A strong bounce is encouraging, but we need follow-through before declaring the lows are in. Let the weekly open and those key support levels guide the trade, and watch how the opening range develops. There’s no need to chase a massive overnight move — wait for confirmation and make the market prove it can sustain the recovery. Let’s get after it! 💪
👉 Full breakdown is inside today’s Pre-Market Playbook.
Check it out here and trade it smart.
Until next time,
Tony
