Trapped in the Range: Bulls Hesitate, Bears Lurk
After yesterday’s failed breakout, the market sits on a knife’s edge. Will today bring clarity — or more chop?
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Markets attempted a breakout on Thursday but failed to hold above 5750 on ES, closing back within the consolidation zone that has defined the month of May. Both bulls and bears have tried to take control — but each move has been rejected, signaling indecision and tight structure. As we open today, we’re once again back in the middle of the range with no clear momentum. While the broader trend remains bullish, today's price action demands caution unless we see a decisive break in either direction.
🔍 Key Levels to Watch
ES: 5663 (support), 5715 (resistance)
NQ: 19,950 (support), 20,300 (resistance)
Bullish Scenario
ES must reclaim and hold above 5715 with strength. If that happens, we could see another breakout attempt toward 5745–5760, especially if tech leadership (NVDA, AAPL) holds up and VIX stays subdued.
Bearish Scenario
A move below 5663 with increasing volume could shift the tone bearish intraday, opening the door toward 5605. Watch for failed bounces and weakness in NQ under 19,950 as further confirmation of breakdown.
Mindset Tip of the Day
Neutral ranges are where patience pays the most. Let the market prove direction — forcing trades inside consolidation often leads to chop and regret.
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— Shawn
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Disclosure
The information provided in this article is for educational purposes only and should not be considered as financial advice. Trading and investing in financial markets involve substantial risk, and it is important to conduct your own research and consult with a qualified financial professional before making any investment decisions. The author is not responsible for any financial losses or gains that may result from actions
Trading futures, stocks, and options involves significant risk and is not suitable for all investors. This content is for educational purposes only and does not constitute financial advice.