Pullback, Recovery, and Now What? Market Faces the 5900 Wall
ES and NQ bounced off Sunday night weakness — but 5900 remains the battle line.
Market Context – June 2, 2025
After some weakness on Friday and a gap-down into Sunday night, the market looked shaky heading into the new week. But buyers stepped in again — with ES bouncing back from the 5860s and now pressing into the 5900–5907 resistance zone. This level has capped multiple attempts and sits just below the key swing rejection from late May.
NQ also showed early weakness in the overnight session, but since 4:00 AM it’s been grinding higher. It’s currently battling the 21,275–21,300 supply zone, which aligns with both 30-minute trend resistance and the daily 9 EMA.
So while bulls have recovered short-term control, the market is now pressing into critical decision zones. Whether this bounce continues or fails at 5900+ will likely define the early week tone.
Key Levels to Watch
ES: 5883.50 (support), 5907 / 5926 (resistance)
NQ: 21,180 (support), 21,300 / 21,375 (resistance)
Bullish Scenario
A reclaim and hold above 5907 opens the door for continuation toward 5926. NQ must break above 21,300 with strength for upside momentum to resume. Watch for a base forming above VWAP with higher lows.
Bearish Scenario
Failure to hold above 5900 and a rollover back through 5883 could bring back last week’s weakness. Watch for NQ to stall under 21,275 and reverse — that would signal short entries with tight stops above resistance.
Mindset Tip of the Day
After a weak open and recovery, it's easy to chase late. But real breakouts clear key levels with confirmation. Let the market prove it — don’t preempt it.
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Regards
Shawn
thesmarttraders.com