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What a day! ES opened -34.5 points, and continue sold off after open. It made an intraday low below Dec low, but bounced back 20 points in the last 30 min. It continue higher after 4pm. Now ES is 30 points off the low as I am writing. This is the first trading day of the year. The selling started from Asian, continued in Europe, and recovered some in US. Shanghai -6.8%, DAX -4.3%, SPX -1.5%. I am not supper bearish in January. I expect we might see ES across the flat-on-year mark 2034.5 some time this month.
ES intraday broke December low 1983.25 but closed well above it. It is bullish short term. But I am bearish mid to longer term.
ES tomorrow trading:
· Neutral to slightly bullish for tomorrow.
· Use prior day high as reference. If above 2005 could target 2025 or 2034.
· If below 2005 could bring back down to 1993~1991 or 1980.25. |
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