$ES $NQ: Bulls Look Weak

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$ES $NQ #MonthOpeningRange

Bulls have been unable to push higher:

ES0mini 15 min chart

Last week bears managed to make a lower low undercutting the key support 6,866.

Another break under that support would look really bearish to me. In theory bulls can push ES higher following the bullish path. But if bears manage to break under 6,866 again would not be bullish and remove bullish bets.

The very bullish wave count in NQ-mini is still alive:

NQ-mini 120 min chart

But bulls have been hesitating to start another leg up.

If bears manage to break under 25,850 I would go defensive and close a long position.

As long as bulls hold NQ over 25,850 that very bullish wave count will be the primary scenario.

Today is the first trading day of a month. We normally expect heightened volatility during first three trading days of a new month. This is when the market expands the range, the Month Opening Range, that normally has a strong impact on trading during the following four weeks.

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$ES $NQ: Bulls Look Weak

$ES $NQ #MonthOpeningRange Bulls have been unable to push higher: ES0mini 15 min chart Last week bears managed to make

CastAwayTrader November 3, 2025

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