NQ / ES Weekly Blueprint | Structured Plan
Both NQ and ES have now aligned into a bearish structure, will this week shift back bullish, or will we finally see a larger timeframe pullback?
In last week's analysis, I highlighted my concern for both ES and NQ, noting the unusual relative weakness in NQ compared to the typically stronger ES. With NQ now in a structured range, the question arises: is this signaling a cooling-off period for ES as well, or are we on the cusp of a higher time frame pullback? In the following discussion, I explore the potential opportunities presented by these scenarios and outline my trading strategy for the week ahead.
NQ Analysis and Key Levels:
NQ has shifted into a bearish pattern, breaking its previous trend of higher highs and higher lows since March 15. This shift was indicated by a break below a previous higher low, followed by a failed attempt to establish a new high, suggesting early signs of a potential reversal. Initially, we were cautious in our bearish outlook as the ES remained bullish. However, recent developments have led to both NQ and ES exhibiting bearish structures for the first time in a considerable period. This could either be a bear trap or the start of a more significant pullback.
Key Levels for NQ: