$ES and $NQ: Yet Another Bears’ Trap Should Trigger a Move Up

$ES $NQ

The morning drop was bought out again:

I keep repeating that the cornerstone law of the bullish trend is that price stays 90% of the time over resistance.

My proprietary Cycle Trader indicator for TradingView calculates Daily and Weekly Support and Resistance.

This morning ES-mini dropped under the Daily resistance 4,963 but bulls managed to reclaim that level in the afternoon:

Bulls have a bullish setup for another push higher as well:

In a way similar to that of ES-mini, bears pushed NQ-mini under the Daily resistance 17,647 but bulls managed to reclaim that critical support by the afternoon time:

You can see that NQ-mini kissed the Weekly support 17580 and has held (see the arrow pointing up).

The key resistance for ES-mini is 4,997.75. That is a daily resistance for Tuesday and the Monthly Resistance for the whole month of February.

The key resistance for NQ-mini is 17,775.50. That is a daily resistance for Tuesday and the Monthly Resistance for the whole month of February.

Bulls need to push indices over their Monthly Resistance levels to trigger another short squeeze rally.

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