The current state of central banks, along with declining inflation in the United States and Jerome Powell's comments hinting at a possible rate cut next year, led to a series of record highs in financial markets this week.
Risk appetite remains high ahead of the Christmas break, a traditionally favorable time for equity investments.
As we do each week, we will...
📊 Market Sentiment: Bullish
The market has been on a steady upward trend, with the March ES contract rolling from December front month to March. The key support and resistance levels have been identified, focusing on the 4756-58 to 4786 range.
🌏 Major Global Catalysts
The discovery of a large tunnel near the Gaza border by Israel has sparked concerns about...
The market broke out of its three-week consolidation above the July high following dovish comments from Powell and the possibility of three rate cuts next year. The ES and NQ are now only 5% off all-time highs and have recovered almost all their losses from 2022. The rally has broadened as small and mid-caps played catch-up into the end of the year, posting strong...
12/17 Weekly Plan. ES Futures March ESH24
Weekly Pivot is 4,780
Targets
4,808
4,837
4,849
Targets
4,757
4,735
4,699
Now trading at 4,777
Alerts
You will receive alerts in this channel every time ES hits (2M candle close):
Weekly opening 4,770
Weekly pivot at 4,780
Each weekly target.
Side notes:
One time framing up in daily + weekly...
Continued Bullish Bias on ES. Having met 2.5 Standard Deviations coupled with SMT, a decent retracement before more bullish expansion is realistic. Wednesday Low of the Week, Midweek Rally/Reversal, Consolidation Thursday Reversal all in play with USD news Wednesday - Friday. I will be watching for Bullish Sponsorship from the Daily Bisi.
Here we are looking at the MES , I will be looking for long set ups and possibly
scalping shorts if the opportunity presents itself. We do have more incoming data
so expect year end volatility.
Here' a nice simple 4 hr chart that I use. No coding required. I can code. But why reinvent the wheel? The nice thing about TV is the thousands of FREE, already coded, every permutation, of every published trading indicators that I have ever thought of.
Premarket preparation for Globex trading session December 17/18
Monday Globex will be most probable rotational between two inner blue zones with possible excursion to the green support or red resistance zones... It is hard to see we can break outside of the purple LIS zones on the upside or downside...at least in Globex...
Type of the price action (mostly...
The S&P 500 price action created a cautious close on Friday. The bias for this market is the higher levels even though there was selling for the last 2 days at the highs in this market.
The lights, carols and the last FOMC of the year, you know the drill by now, Christmas is here soon!
As we head into the year's end, it's the perfect time to revisit an old idea we had last Christmas. In our piece last December titled “ Is the Santa Claus rally real? ” we explored the concept of the Santa Claus rally, discussing why and how a modified version...
Going over the price action and levels we are looking to engage in. we're bullish but the market has gone a long way since Nov. be careful always know where you'll get out if you're wrong and dont forget today is OPEX. expect volatility.
Key zones 4768/66, failure here means we might possibly trade 4746 zone.
4759.50 support
4756-46 area support
4745-41 major support, failure here might mean bigger down trend setup.
📊 Market Sentiment: Bullish
Stay light on OPEX day due to the potential for choppy trading. Look for a potential base building in the 4756-83 range for a potential leg up to the 4804-08 zone. If 4756 fails, prepare for a potential pullback.
📈 The Markets Overnight
🌏 Asia: Mostly up
🌍 Europe: Up strongly
🌎 US Index Futures: Up strongly
🛢 Crude Oil: Up a lot
💵...
Thursday in the S&P 500 was a rest day. Now the challenge for this market going into Friday's session will be follow-through from the buyers. Can they provide a confident close going into the weekend with a close above 4790.
Market tested support last week and the recovered to close the week flat. NQ successfully retested the 21 ema and ES pulled back and recovered from the 9 ema. Market held to top of the range just below the July high setting up for a break in either direction going into this week's CPI data and FOMC rate decision.
SUMMARY
ES finished the week with a gain of...
