Wed AM Briefing Preparing For Our Emini Trading Room 09/25/2024
Preparing ES & NQ Traders
For Our Emini and Micros Futures Trading Room
RESOURCES:For Our Emini and Micros Futures Trading Room
TRANSCRIPT:
Welcome ES MES Futures Traders
Good morning, everybody! Happy Wednesday, September 25th. Can you believe the month is almost over? My goodness!
Alright, today's scripture is continuing with the body of armor—God's body of armor. The next piece is the breastplate of righteousness. I'm going to read to you a bit from my commentary in my Logos software about the breastplate of righteousness.
Following the war belt comes the breastplate. "Stand firm, then, with the breastplate of righteousness in place." Most likely, the breastplate (or thorax) was a metal piece that covered the front of the body. Its function was to ward off deadly thrusts from a popular short sword, protecting the vital organs, especially the heart.
That is what righteousness does—it protects the vital organs, particularly the heart. The breastplate of righteousness is God’s own righteousness, freely given to those who truly believe in Jesus Christ. Although we are clothed in Christ’s righteousness, which protects our hearts, we must always stand firm in it.
Let’s get into it, guys!
Reminders: Welcome to the AM Briefing brought to you by MicrosTrader.com, where together we trade better! Remember, there are timestamps below if you want to skip or focus on specific parts. There's also an archive of these AM briefings on my website.
If you’re new, please earn your badges and get a Zoom pass for any day you want. There’s also a monthly Zoom pass available if you only want to watch the sessions and aren’t as concerned with my system but still want guidance through the morning price action.
The next YouTube live is next Tuesday, in six days. Last night, I published a video of the ES Wrap-Up Show, where I went over yesterday’s price action. If you like what we’re doing here, like, subscribe, and consider becoming a member!
Welcome to AM Briefing #268, brought to you by MicrosTrader.com, where together we trade better. We are an ES MES Futures trading room with a solid system. If you’re interested in the Tip of the Day, check us out at MicrosTrader.com.
Tip of the Day: When we have a liquidation break, be careful, because it will not honor any level—it will "vomit" so hard that it clears all levels from your chart. During such a move, I tell my traders to remove all levels and watch the price action "naked" on the chart. If you're in it, great. Just know it can come from anywhere at any time. I’ll show a few places where this is likely to occur when we get to the charts.
News Drivers: Today, 30 minutes after the opening, new home sales are the primary event. We should have a green light for trading today.
Yesterday, I mentioned to the group that it’s important this week, as it's the end of the quarter. We are near an all-time high, and fund managers often get paid based on performance. Being at this all-time high, do you think they’ll let it drop this week? Or are we going to hover here until next week, when there’s an influx of new funds? It’s an interesting week since fund managers aim for the best quarterly bonuses possible, which is achieved by keeping the market at all-time highs.
The fourth quarter of this year will be wild. It's an election year, tensions are high, and geopolitical issues, like Israel and Lebanon (or Hezbollah in Lebanon), are surfacing.
For FOMC speakers, today is light, but tomorrow’s heavy with Powell speaking, along with GDP, and Friday has PCE. The week will definitely be interesting!
Yesterday Review: Last night, I published the ES Wrap-Up Show. I wish I had the energy to do these every day, but I focus on important days. Yesterday was one of them. I won’t recap yesterday’s trading here, but at the end of the video, there will be a link to it.
ES Key Levels: This is the cover of today’s AM briefing. To me, the most important level is here at the bottom of the range, marked by the red, gray, and green from my FIB tool. It helps me remember where we’re at in the chart.
That range is helping us with this level, which I call the bull-bear line. As long as we’re above this, the bulls are in control. The bears would only temporarily gain control if we take that level out—not just with a wick, but by laddering beyond it. We are in the midst of a 4-day balance, and it looks like it will break to the upside, especially considering the end of the quarter.
Overnight Action: Overnight, we’re in the upper distribution. Yesterday’s pullback saw a test at 73, and we took out yesterday’s high last night by a tick. There was a nice vomit afterward, all the way to the afternoon pullback, which is a crucial level (7350-7450). If we lose that level, we’ll likely drop to the bottom of the balance area.
Indicies and NQ High Target: We’re marching up, all indices are in the upper distribution, and bulls are firmly in control. NQ is slightly downward but turning. If NQ hits its weekly fair value gap, we might see both indices pull back, bringing us to the bottom of our range.
Final Thoughts: I can’t wait to trade with my team live. Stay green, my friends, and to learn more about us, go to MicrosTrader.com!
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