Prime-broker flow data show short covering in index products alongside fresh buying in technology stocks. That provides support for the rebound, but the continued weakness in small caps and the Dow shows that participation remains uneven.

ES has rebounded to the upper boundary of its descending channel. SPX has reclaimed 7,584 after briefly losing it, but remains below its descending trendline. Both need to break above and hold their respective resistance to put the prior highs back in play. SPX must hold its reclaimed support around 7,584 and the ascending trendline.

Nasdaq 100 is leading the rebound. Hedge funds rebuilt exposure to semiconductors and memory names after reducing it ahead of FOMC. NDX is back above its descending trendline after rebounding from ascending trendline support. NQ has also reclaimed its ascending trendline following this week's undercut, but is now testing descending resistance near 30K.

I remain long NQ and expect NQ and ES to print new ATHs in the coming weeks, provided the reclaimed supports hold, both futures break above their descending resistance, and Brent does not break above 120 and trigger another sharp repricing in yields. This outlook also depends on Trump delivering more market-positive headlines, whether through further TACOs over strikes on Iran, trade deals or domestic policy changes. This remains a tactical long, not a change in my longer-term macro view.