ES Made a New High. NQ Did Not. Here's the Problem.

Don here...

The S&P just printed a new all-time high. By one point.

Meanwhile, the NASDAQ sits 670 handles below its contract high at 26,006.

Blake Young and Tony Rago spent this morning's session explaining why that divergence matters more than most traders realize.

The NASDAQ has tested 26,000 twice now. Both times it failed. Tony showed the level two data with 126 contracts stacked as sellers at that exact price. The market is telling you something.

In today's free session replay, you'll discover:

Why matching levels across different systems increase probability. Blake's monkey bars and Tony's fixed entries identified the same support zone independently. Different math. Same conclusion.
The scaling debate that changes how you manage positions. Tony never scales into losing trades. The math shows it turns winners into neutrals while losers stay full losers. Blake agrees completely.
What CPI tomorrow means for rate cut expectations. Real inflation sits around 4.3% even with crude selling off. Oil prices affect everything from transportation to plastics. The Fed sees numbers the market wants to ignore.
Why earnings season faces a valuation problem. These stocks already trade at record highs. Companies have to impress just to move the needle. Lower guidance or misses could create real problems.

Blake asked Tony a question that stopped the conversation. Do you anticipate retracement after a move like this?

Tony explained he only expects 50% pullbacks on expansion patterns. Strong trends just keep bull flagging higher.

The NASDAQ cannot produce a new high while the S&P already has. That divergence either resolves with NASDAQ catching up or ES coming back down.

→ Watch Blake and Tony explain the ES/NQ divergence, why 26,000 keeps failing, and what CPI means for rate decisions

To your success,

Don Kaufman
Chief Market Strategist, TheoTRADE

P.S. Tomorrow at 7PM, Blake Young reveals his key trading levels in major markets for the following day. Join him as he walks through the math and how to use his Dark Wires to create a full-fledge trading plan.

Click Here to Register.

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