NQ Traded Into Premium Over Its PDM, Then Settled In Discount
NQ opened under its expected-move low, took back Wednesday's RTH low at 28,199 and traded into premium over its PDM at 28,448, then settled in discount under it. ES traded above Wednesday's RTH high in the 11:19–11:24 ET window. The morning prep next to what price did, the alert board, Friday's PDM and the plan into PPI.
Thursday, November 12, 2026 · After the Close
NQ traded into premium over its PDM today, then settled in discount under it by the close. PDM means the prior day's median. It is the midpoint of Wednesday's regular session, and for NQ it was 28,448. NQ opened near 28,064. Its RTH low was 28,044.50 at 4:31 AM HT / 9:31 AM ET. The first 5-minute bar closed at 28,205, back over Wednesday's RTH low at 28,199. At 5:54 AM HT / 10:54 AM ET, NQ traded over the PDM. Its high was 28,652.25 at 6:20 AM HT / 11:20 AM ET. Its last trade over the PDM came at 9:21 AM HT / 2:21 PM ET. NQ settled at 28,384.50, 63.50 under the PDM.
The expected move is the range the options market prices for a set time. Today's NQ band ran from 28,074.73 to 28,871.77, measured from Wednesday's close. NQ traded under the band low before the bell and in the 9:30 to 9:32 AM ET bars. Its full-session low so far was 28,013.75 at 3:16 AM HT / 8:16 AM ET, before the cash open. The cash range was 607.75 points, about three-quarters of the band's width of 797.04 points.
Before the cash open, Nvidia said its CEO had resigned. Nvidia shares fell more than 13% at the open and closed down about 4%. The S&P 500 and the Nasdaq Composite closed slightly lower. These are the stock indexes, not futures.
Premium is the top half of Wednesday's RTH range, over the PDM. Discount is the bottom half.
Members get this morning's prep next to what price did, how ES traded above Wednesday's RTH high in the 11:19–11:24 ET window, what our alert board sent, Friday's PDM and the plan into PPI.
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