- The Opening Print
- Tuesday Trading - Day After MLK Stats not Bullish
Tuesday Trading - Day After MLK Stats not Bullish
NY Empire Data
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Our editor is on vacation this week. He said for the first time in 10 years he would not be taking his laptop with him and you know what? I don't blame him!
I am not backing off from my call for higher prices but there have been several attempts to take out the 4540 level and all have failed. The problem with the rallies above 4800 is the buying power dies out and the ES just can't hold the rallies. I think part of this weak price action is due to all the uncertainty in the Middle East. With so many highs and a lack of follow-through, traders are starting to question if the S&P has gone too far too fast. That said, I talked to Rich Miller from @HandleStats last night and he said he ran a few studies, one of them I can’t divulge but he did give me a study that shows the Tuesday after MLK Day is not good, down 8 of the last 9 years.
MiM and Daily Recap
The ES opened the Sunday night Globex session at 4812.00, traded down to 4806.75 on Globex at 8:19 am Monday, made four separate highs at 4813.50, and settled at 4813.50, up 1.5 points on the day. We knew going into Monday's holiday abbreviated session that no one was trading and the narrow 7-point range proved fruitless.
In the end, it was super quiet. In terms of the ES's overall tone, I think the best way to describe it was that it hung in there. In terms of the ES's overall trade, volume was extremely low, only 165k futures traded on Globex.
S&P 500 — ES Futures
Handel Stats ES Levels
$ES currently trading 4798.25. Upside: Hourly close above 4803 targets settlement 4813.50. Hourly close above there targets 4826,then 4830.25 then 4835.25
then 4838.75 then 1sd 4839.50. Hourly close above there targets 4865.50.
Downside: Trade below 4800.50 targets 4793 then 4789 then -1 sd 4787.50. Then 4784.50. Hourly close below there targets 4769.62 then 4764.25 then -2 sd 4761.50