Market Update 5/5 10:00 Pacific.
The MNQ has not retraced as much as the ES Mini has. The breakdown structure is the same with a clear support level at 13697.00.
The MNQ is not something I trade at the moment, but I do look at other markets to find any leading indicators or signs of where the market may be going.
The ES Mini’s have fully retraced back to the bottom area of the breakout range, but stronger than the MNQ.
There are two potential playouts here:
- MNQ is leading and showing overall market weakness, which may potentially drive all markets lower.
- ES is leading and market is strong overall, which may potentially move things up.
In either scenario, watching both markets will be essential to determine any correlation.
There is a substantial risk of loss in futures trading. Past performance is not indicative of future results. The figures here represent an opinion. The placement of contingent orders by you or broker, or trading advisor, such as a “stop-loss” or “stop-limit” order, will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders. Please conduct your own due diligence if Futures are an appropriate instrument for you.