The NQ continues to produce higher highs and higher lows, but appears to be losing steam. We may see another session of new highs into 4700, but any tail event should be seen as a sell opportunity for a return to 4550, which could in turn offer an opportunity for bulls to defend.
Crude Oil bulls are defending the bottom of the 7-day trading range between 50.50 and 51.00, with targets at 52.23 and 53.50. Failure to hold above 50.50 opens up a move into 49, which will likely be defended upon first test by responsive bulls.
The ES is approaching the top of resistance between 2120 to 2126, while the NQ has far surpassed its 4550 resistance level. Look for bulls to defend pullbacks in the short term. Crude Oil is holding at the bottom of the 8-day trading range, which offers a responsive buying opportunity. Failure to hold above 50.50 has clear air to 49.
ES bears are currently defending the 2119 key level for a return to the previous week’s close price of 2097.75. Bulls want to defend support at 2111 for a move into 2125 and 2130.
The NQ remains within the boundaries of the recent 3-week trading range, which spans from 4455 to 4555. Major expansion of 200 to 220 points is forecasted once a breakout from this range occurs. Failure to hold above 4455 suggests a return to value at 4428, with a shot to see 4400.
