Short Term Trading New Year: 27 Dec - 1 Jan, page-32

Good morning,

 

US Indices on Thursday's close: SPX: (+0.86%), NDX: (+0.41%), Dow: (+1.14%) and RUT: (+0.15%)

 

The ES session has started and futures are trading near Wednesday's rth high - for now. We have another single print spike to repair.

 

Overnight interest in the ES futures profile was net short...that should be viewed with the knowledge that they are often wrong, but the rth session proved that more time within yesterday's single print spike from 2430 to 2477.75 was necessary.  The cash session was negative until 14:15 ET, when shorts got a surprise again at the 2400 area which is  central to the vpoc that one should be careful about.

 

Tomorrow's first major support is SPX 2440, which corresponds with the base of today's single print end-of-session ES spike -- 2446 to 2498. That latter number is just above the value areas of 20-21 December.   If price can open and stay above SPX 2500,that would be very restorative and would put 2530 resistance in play.