Pullback in Play — Bulls Need to Defend
by Tony Rago
Overnight inventory is very short, with price dipping back to 7,833 on ES and 31,250 on NQ. This is an important pullback for the bulls to defend, because if they can’t hold these areas, we could see a deeper move to the downside. Bears can take control with sustained trade below 7,812 on ES and 31,106 on NQ. At the open, I’ll be watching for a potential test of 31,106 on NQ or resistance on a move into 31,412. On ES, I’m watching for a potential bounce around 7,826 and resistance at 7,850. Bulls need to clear that resistance and, more importantly, hold above it.
There’s no morning economic data on the schedule, but we do have the FOMC minutes at 2pm, so that’s the event on the radar later today. Until then, let the opening ranges develop and see which side can actually follow through. If buyers defend the pullback and reclaim resistance, we could see the trend resume. If those support levels fail, the bears have room to press. No need to predict it — let price show us the way. 💪
👉 Full breakdown is inside today’s Pre-Market Playbook.
Check it out here and trade it smart.
Until next time,
Tony
