December 26, ES Premarket Missal
Holiday trading.
Image 1. Ghost town. Bodie, CA
Minister’s Missal
The overnight session profile is a ‘p-shape’ - suggestive of absorption at 4815. However the globex opening dip rejected prices below Friday’s VAL, which also formed a ‘p’ below 4823. Volume overnight was very low as expected the day following a major holiday and ahead of the new year. I expect low volume throughout the week,
For today’s pivot I will be noting 4805 - there is a significant amount of buying order flow at this level, in addition to the multiple attempts Friday to break this level and finally supporting at close.
Image 2. ES Friday RTH and Monday ETH as of 8h05 EST
Tuesday Plan and Levels
Pivot 4805.
a) Support at Friday’s VAL around 4800 early in the session can see a test of ONH - a strong close above (for example a 15m or hourly) on volume likely attempt a break of Friday’s high at 4821.75 - with ATH 4830.75 further above. Ultimately buyers could aim for 4845 this cycle.
b) Sellers defending 4815 need to apply pressure below pivot to work on a break of the ONL (4800 as of writing). Similarly to Friday’s plan, an hourly close under 4800 aims for 4790, where buyers may bid. A successful break here can target the HVN at 4776 - with the daily low 4755 as a final target for the day.
c) The VIX has been sleepy but sellers need to see prints into and above 14.30 for a more meaningful sell, conversely buyers prefer to see this below 13.20 for stronger attempt to the upside.
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