ES Morning Update July 24th 2025
The market pushed through the 6370-6400 zone yesterday with a late day squeeze that happen and more afterhours. It looks like an exhaustion move to me, but until it tops and does a fast 1-2 drop I have to just sit and watch as there’s no way I’m chasing the market up higher from this level.
If it skips the pullback and goes straight up to the 655.66 FP on the SPY then that’s fine as I’ll just wait and short it there. Of course if we get a fast pullback of 200-300 points I’ll get long on it and hold until the FP is hit. There’s still a little time left, like today and tomorrow roughly. AFter that though, if we don’t pullback, it’s not likely going to happen until we reach the upside FP in August sometime.
Also, NVDA slammed right into a major trendline of resistance at last weeks high of 174.53, and it’s looking like it wants one more crack at it today. If it gets through it I think it will squeeze to 176-178 from all the shorts from the 174.53 high that placed stops overhead. Every trader see’s the rising trendline that starts at the 6/20/24 high and connects to the 11/21/24 top.
It was an obvious short for everyone to take, so “if” the markets to dump it should take out the stops overhead first on NVDA (and the SPY/SPX/ES, etc…) in an exhaustion move, but I don’t think it will stay above that rising trendline as the move up has been too parabolic and there’s nothing but air below until the 150′s. So, for today let’s see if the bulls can do that last squeeze up and tank quickly with a 200-300 point drop into Friday or Monday.
Have an blessed day.
Source: http://reddragonleo.com/2025/07/24/es-morning-update-july-24th-2025/
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