The tape is low volume and has been pretty dull this week on indexes, particularly on NDX/NQ. Volume is unlikely to increase much before next week and the tape may well remain boring, though at the time of writing ES and TF are making a spirited attempt at converted the weekly pivots there to resistance, and if that attempt is successful then this might get more interesting, though it might just establish a tape just as boring with a different underlying bias.
Until we see ES and TF convert their weekly pivots to resistance my overall lean is towards seeing retests of the all time highs. Even in that case I’d note that the downside targets on ES and TF to establish ideal bull flag channels (to then retest the all time highs) would currently be in the 2238 and 1345 areas respectively. On weekly pivot conversions today then those (moving) targets would be the obvious next targets. If the indices head there then that move might be just as dull. I tweeted my premarket video today looking at the setups on ES, NQ, TF, DX, CL, NG, GC & ZB. As usual the indices were among the least interesting looking instruments to trade today. You can see that video here.
