For three entire months – May, June, and July – the /ES has been grinding around with absolutely no clear direction, unsure of what’s going on with the war, what’s going on with the economy, and what’s going on with AI. It is a nearly inscrutable mess, but I’ve tried to make the lines below as clean and simple as possible to illustrate what I believe are the important price levels.
The /NQ, to my eyes, is vastly cleaner. It was annoying that it bounced so much on Thursday and Friday, but the important truth is that it never got above the lower horizontal line that I’ve provided. This has the makings of an absolutely sensational top, and its odds of plunging are vastly improved by the fact that I’m so terribly light in my positioning right now.
Below, on the /NQ daily chart (as opposed to the 4-hour bars above), I hope the case is made even more convincingly.
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