Weekly Market Recap: ES Charging Toward 6400?
Momentum Holds Strong – Weekly Recap + What’s Next
As we wrap up another eventful trading week, one theme is becoming crystal clear: momentum remains king.
Despite global uncertainty, geopolitical tensions, and a modest pullback Friday, both ES and NQ remain resilient, continuing to print higher highs while respecting key moving averages
ES Daily Outlook – Bullish Ladder Still Intact
Friday’s session (July 18) tested the high of 6356 and closed slightly off highs. But context is everything:
Price continues to ride above the 9 and 21 EMA
Structure remains tight and controlled
Volume is tapering slightly, but there's no sign of major distribution
Key Level to Watch This Week:
➡️ 6350 – As long as ES holds this level intraday, the bull case remains valid.
If we hold above it, 6400 is a reasonable target — a psychological and technical extension of this ladder-style breakout structure.
NQ (NASDAQ Futures) – A Story of Relentless Strength
NQ printed a fresh high at 23,318 on Friday before pulling back modestly. However:
The pullback held above the rising 9 EMA
Intraday structure continues to support higher lows
23,000 is now acting as a critical psychological zone
If that level holds, the bulls may aim for 24,415 in the coming week. There’s absolutely no structural breakdown yet — the market is healthy, energetic, and rotational.
The Bigger Picture – Bull Market in Progress
Let’s not forget — the past six months saw a 20% swing from the lows. This move is not reactionary — it's strategic accumulation. Despite occasional dips, this is a high-confidence trend with controlled pauses.
We’re not looking to call tops here. We’re letting price lead, and so far, it’s doing exactly what strong markets do — climb a wall of worry.
What to Watch This Week
Does ES hold 6350?
Can NQ defend 23,000 with strength?
Are we seeing new leadership in semis, mega caps, or defensives?
If these conditions hold, the path to 6400 and 24,400 is open
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Regards
Shawn