Today is an extended Globex session for tomorrow first regular day of the week. The ES will trade until 1pm ET. The likelihood of any major move today is remote. Expect a choppy tape that continues the compression we are seeing on the daily chart. Each side tried to press its advantage last week but in the end we drifted back to the middle. The key area to be converted is over 2270 for bulls and now under 2250 for Bears. Bulls had an excellent environment to print new all-time highs on Friday, especially after the strong open. This did not materialize and we spent the remainder of the day slowing trading back to the open. The next major catalyst will be the inauguration. My suggestion is to enjoy the day and don’t get chopped up in a holiday tape.
DISCLAIMER: This is a personal web site, reflecting the opinions of its author(s). It is not a production of my employer, and it is unaffiliated with any FINRA broker/dealer. Statements on this site do not represent the views or policies of anyone other than myself. The information on this site is provided for discussion purposes only, and are not investing recommendations. Under no circumstances does this information represent a recommendation to buy or sell securities. DATA INFORMATION IS PROVIDED TO THE USERS "AS IS." NEITHER Princetontrader, LLC, NOR ITS AFFILIATES, NOR ANY THIRD PARTY DATA PROVIDER MAKE ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND REGARDING THE DATA INFORMATION, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE.