EOD REPORT:
Wild first day of the year, as inefficient longs and shorts got smoked both ways looking for a trend day in a fast moving balanced market, an excellent demonstration for why all but the most aggressive and disciplined traders should stay out of the first half hour, Excellent longs and shorts were found above and below prior days high and low, but those days, where we test both sides, have been few and far between
The After
ES EOD 0103
And the year begins, overnight, ES hit the upside target of 4790, however, NQ could not get above Fridays high, technically weaker than ES. Remember, everything starts anew at market open,, per usual, super aggressive traders in the first half hour, after that, seek to find the algo set ups in the direction you believe the market is headed,. Ago wise, I am focused on two bar combos OR 3 bar combos IF the last bar has both a star and a diamond on it, That is a very powerful combination., First q I have is can ES hold above 4778, trap back in and 4770 becomes the down side magnate, , conversely, can the buyers push NQ above 16453.50, If so, then 16528 still in play, though that is a BIG stretch,
Failure to get above sets up a test back to 16380s
See everyone at 8 cst
As of this writing, ES AND NQ are up strongly in Asia, and that is to be expected, there was zero year end sell pressure and the market is still looking for sellers. So, we will have to see where we are in the am, In nq, we have single prints from 16423-46463, then Fridays high, if we can take out Fridays high, 16530 is the target, that is a big stretch from here, but there is not much standing in the way chart wise. A trap back into Fridays high sets up a logical target of friday POC at 16383. y favorite long locations are from 16356 and lower, but not holding my breath that we can get there. As always, the chart is a large scale map, I am looking to the algo and the days price action to help me set my coarse.
In ES much the same story, Holding above 4778.50- Fridays highs, 4790 area is the natural target, again, for weeks now, sellers have been lame ducks, so I am looking for them to get trapped in down side moves for pushes back up, and will need to see a significant change in character to change that strategy. So all shorts will be considered "weak" and scalps and longs , if they set up, would be pushed off of traps and algo set up. The 4770 area should act as a magnate in down side moves and also a target back up should we find sellers.
I will have a clearer idea of the day as we get closer to the open, good hunting overnight.
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