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.