ES Charts of The Day November 14, 2016

Daily:

As we start a new week it is clear that we are headed into a new phase of the tape that will be much more trader friendly than the summer compression and pre election unpredictability of the markets.  This volatility phase should carry through to the inauguration at a minimum.  We are currently seeing resistance in the 2170s this opens a retest of the 2150 support area.  Should 2150 break then a move back to test the new weekly pivot at 2123.50 opens.  Over 2170s would look to test last weeks high at 2180.50 and the all time high 2191s.  As we head into today we need to identify whether we are overall making lower highs or higher lows and let the price momentum dictate trades.  The focus is the same as always we hit our goal each day and move on.  We need to also protect what we have.  We did over 130 room handles last week and are over 195 for November.  Time to get selective about setups while taking full advantage of this new environment to finish the year and start 2017 strong.  See you in the room.

As we start a new week it is clear that we are headed into a new phase of the tape that will be much more trader friendly than the summer compression and pre election unpredictability of the markets. This volatility phase should carry through to the inauguration at a minimum. We are currently seeing resistance in the 2170s this opens a retest of the 2150 support area. Should 2150 break then a move back to test the new weekly pivot at 2123.50 opens. Over 2170s would look to test last weeks high at 2180.50 and the all time high 2191s. As we head into today we need to identify whether we are overall making lower highs or higher lows and let the price momentum dictate trades. The focus is the same as always we hit our goal each day and move on. We need to also protect what we have. We did over 130 room handles last week and are over 195 for November. Time to get selective about setups while taking full advantage of this new environment to finish the year and start 2017 strong. See you in the room.

Hourly:111416-hourly