Pre-Market Trend – Week 52; Day 4

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 – Pre-Market

Two days of market price action on low volume as the year end draws near. Intraday sessions with “super trend” setups that have been slow to react in the PM session leaving the AM session the best early entries on the runaway trend. As we say, ticks are ticks even in a low volume market. NQ and ES leading the charge as the YM trending in lag fashion. Unable to break the NQ futures 5K level by several ticks, retracement back below 4961 where it was not able to break upside for 7 days. If choosing to trade in this low volume market, trading plan remains the same. Best to look for the early setups or simply wait till volume returns in 2017. 

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

Price Momentum

  • 4981 Upside (4961 previous line in the sand)
  • 4902, 4883 Downside (open gap @ 82.50)

———————————-

Globex Session Trend: CHOP

Pre-Market Trend: UP 

2016-12-29-nq-mml-premarket

Levels to watch in both directions

12-29-16-nq-premarket

Nearest Open Daily Gap: 4882.5

Lowest Open Gap: 4017


ES – S&P Futures

Price Momentum

  • 2281 Upside
  • 2219 Downside

———————————-

Globex Session Trend: CHOP

Pre-Market Trend: UP

2016-12-29-es-mml-premarket

Levels to watch in both Directions

12-29-16-es-premarket

Nearest Open Daily Gap: 2197.25

Lowest Open Gap: 1860.75


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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