NQ Trades Through Its Expected-Move High

Wednesday, November 11, 2026

NQ traded through its expected-move high overnight, and it is still holding over its PDM. NQ's PDM is 27,803. PDM means the prior day's median. It is the midpoint of Tuesday's regular session. Overnight NQ traded from a low of 27,847.75 to a high of 28,376.75. That high is 125.25 points over today's expected-move high at 28,251.50, and 15.44 points over the weekly expected-move high at 28,361.31. As of 6:44 a.m. ET it sits at 28,348.75, 545.75 points over the PDM.

Our expected move for NQ today runs from 27,419.00 to 28,251.50. The expected move is the range the options market is pricing for a set time. Today's band is measured from Tuesday's close. NQ left that band overnight. ES is still inside its band of 7,467.41 to 7,621.09, and over its PDM at 7,529.625. ES's overnight high at 7,613 is 8.09 points under its band high.

It is Veterans Day. The U.S. stock market is open, and equity index futures are trading their regular hours. The U.S. bond market is closed. No BLS report is due this morning. The Fed's scheduled releases and the weekly petroleum report move to Thursday. The next inflation report is PPI, Friday at 8:30 a.m. ET / 3:30 a.m. HT.

Here is the plain why. Tuesday's range was 574 points. The PDM splits that range in half. If NQ stays over 27,803, buyers still own more than half of Tuesday's session. The line that got taken overnight is the expected-move high at 28,251.50. If that high holds as a floor, the overnight break is still in place. If it fails, a lot of last night's run can come back.

Members get the full expected-move map, our Key Levels for NQ and ES, and the plan for the open.