NQ Traded Under Its Expected-Move Low, Then Settled In Discount
NQ opened in premium over its PDM at 28,348.375, traded down to 27,695.25, 265 points under its expected-move low, and settled in discount at 28,034.75.
Friday, November 13, 2026 · After the Close
NQ opened in premium over its PDM today. Its first minute closed in discount under it. By late morning NQ was 265 points under the low of its expected move. PDM means the prior day's median. It is the midpoint of Thursday's regular session, and for NQ it was 28,348.375. NQ opened near 28,391. Its RTH high was 28,399 in the first minute, 9:30 AM ET / 4:30 AM HT. The first 5-minute bar closed at 28,302, in discount under the PDM. Its last trade over the PDM came in the 9:34 AM ET bar. Its RTH low was 27,695.25 at 11:22 AM ET / 6:22 AM HT. NQ settled at 28,034.75, 313.625 points in discount under the PDM.
The expected move is the range the options market prices for a set time. Today's NQ band ran from 27,960.33 to 28,808.67, measured from Thursday's close. NQ first traded under the band low in the 10:03 AM ET bar. Its last trade under it came in the 1:48 PM ET bar. It settled 74.42 points back inside the band. The cash range was 703.75 points, about four-fifths of the band's width of 848.34 points.
The Producer Price Index came out at 8:30 AM ET / 3:30 AM HT, before the cash open. Final demand prices rose 0.3% in October. Over 12 months they rose 6.5%. We describe what price did, with the times, not why.
Premium is the top half of Thursday'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 under its expected-move low and settled back inside it, what our alert board sent, Monday's PDM for NQ and ES, and the plan.
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