We saw responsive buyers come in at the 1113 level and push the market back to 1122 (closed near high of day). My bias is bearish below 1118.75, bullish above 1125 and neutral/bullish in between. The average range for the last session of the year (1999-2008) is 14 points, and that figure can be used as a reference point if you're looking to fade the range extremes. Another interesting thing I noticed is that the market has a tendency to sell off and whipsaw during the last 15-20 minutes of the last session of the year (2:40 PM CST - 3:00 PM CST), so be mindful of that if you're in a Long position around that time. I'm not saying that WILL happen tomorrow because no one knows what WILL happen, but it's something to be aware of. As Mark Twain said, "History doesn't repeat itself, but it does rhyme." Aside from that, I'm anticipating range expansion. Jobless Claims data out at 7:30 AM CST in the morning. Refer to the Volume Profile chart for specific levels/areas.
ES - Daily Bar Chart with Volume Profile and Key Levels
AMAZING CALL on the late sell off! I must admit I was hoping for it, but did not expect it, so I covered 70% of my short as we bounced around 1117.50 - 1118.
ReplyDeleteI am glad I held off the rest, as it made for a nice little end to the year!
HAPPY NEW YEAR!
I'm glad you held on for the late sell-off! Happy New Year to you as well.
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