Following the reversal (bounce) off the 21400ish support off Friday’s divergent high + rising wedge breakdown, /NQ (Nasdaq 100 futures) has made another rally into the Deepseek gap + downtrend line resistance providing another objective short entry/re-entry, or add-on with a stop somewhat above the green 22110ish resistance. 60-minute chart below.
NQ 60m Feb 10th
/ES (S&P 500 futures) had a typical reaction off the initial tag of the 6017ish support (from the recent 60-minute charts) following Friday’s divergent high & rising wedge breakdown. Bullish if /ES can take out the recent reaction highs just above, bearish if rejected here or off the Deepseek gap just above, especially if that previous reaction low off the 6017ish support is taken out. 60-minute chart below.
ES 60m Feb 10th
Bottom line: The stock market continues to ping-pong around in a multi-month trading range, or more like one of those small rubber “crazy” balls that bounce irregularly. Trend traders & typical swing traders might opt to sit tight & await a definitive breakout above or below the range while active & nimble traders can shave off a point or two on these gyrations using the short-term (intraday) charts as their guide.