Technical Outlook – Mid Week 51

Trading or investing in stocks & commodities is a high risk activity. Any action you choose to take in the markets is totally your own responsibility. You are recommended to make appropriate inquiries and seek appropriate advise before sending money, incurring any expenses, acting on recommendations or entering into any commitment in relation to any reference published here. Past performance is not necessarily indicative of future results. 


BIG PICTURE – Midweek

Dow 20K? YM lagging. NQ futures 5K?

Not yet there Jedi traders. With the holiday session upon us and volume seriously cut in half, we may just have to wait for those highs. With two more days in the week and Thursday session chuck full of econ data including the GDP, the last possibility remains to ring the bell (CNBC can’t even make up their minds as the headlines change moment to moment). Gold continues to drive downside as the VIX really seems to be throwing the trading world into a fizzle. Crude pulling back as we enter the February contract. Euro/Yen out of all the markets on the screen share, seem to be the solid trends in the session. If one is that eager to seek high probable setups, drop to the lower time frame, watch for the range bound session levels and either trade the in/out or move that stop to ensure yourself a no loss setups and take home some ticks.

As always, leave your bias at the door of where you think the market should be, watch the charts in front of you and stay away from the Z-Vals. Be ready in both directions. Trend will reveal itself on Heikin Ashi bars and proper trade management will keep you in the trend.

**Disclaimer: Attempting to determine which way a market will go on any given day is merely a guess in which some will get it right and some will get it wrong. Being prepared in either direction intraday for the strongest probable trend is by plotting your longer term charts and utilizing an indicator of choice on the lower time frame to identify the setup and remaining in the trade that much longer. Any chart posted here is merely a snapshot of current technical momentum and not indicative of where price may lead forward.


NQ – Nasdaq Futures

Current TREND: UPTREND

Line in the Sand: 4691

2016-12-21-nq-big-pic-mml

12-12-16-nq-mml

Nearest Open Daily Gap: 4882.5

Lowest Open Gap: 4017


ES – S&P Futures

Current TREND: UPTREND Pullback

2016-12-21-es-big-pic-mml

12-12-16-es-mml

Nearest Open Daily Gap: 2197.25

Lowest Open Gap: 1860.75


YM – DOW Futures

Current TREND: UPTREND Pullback

2016-12-21-ym-big-pic-mml

12-12-16-ym-mml

Nearest Open Daily Gap: 19860

Lowest Open Gap: 15924


CL – Crude Futures

Current TREND: UPTREND Pullback

2016-12-21-cl-big-pic-mml

12-12-16-cl-mml

Nearest Open Daily Gap: 55.41; 46.51

Lowest Open Gap: 29.41


GC – Gold Futures

Current TREND: DOWNTREND

2016-12-21-gc-big-pic-mml

**ZONE’s RESET

12-12-16-gc-mml


6E – Euro Futures

Current TREND: DOWNTREND Pullback

2016-12-21-6e-big-pic-mml

12-12-16-6e-mml


Thanks for reading and remember to always use a stop at/around key technical trend levels.


Don’t forget to view the end-of-the-day charts as momentum in the markets can shift substantially from day to day and reset any charts posted above.


Government Required Risk Disclaimer and Disclosure Statement

CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

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