Wed ES MES Micros Technical Analysis 11/27/2024

Preparing ES Emini & MES Micros Traders
For Our Emini and Micros Futures Trading Room



Amid a bullish market ahead of Thanksgiving, traders are advised to remain cautious while respecting market levels. Psalm 100 sets a tone of gratitude as participants prepare for holiday trading. A significant number of red folder events, including GDP and Core PCE data, are anticipated to impact the markets today. Meanwhile, the ES remains within reach of all-time highs, underscoring a dominant bullish trend. Avoiding shorts and adding to winners remains the mantra for disciplined trading. RESOURCES:
            
▶️ Free "Futures Foundations Course"             
▶️ Membership Options      
▶️Youtube Community Updates             
▶️ Website for ES MES Trading Room (Back Up)


TRANSCRIPT:

Welcome ES MES Futures Traders

Good Morning, Everyone!
Happy day before Thanksgiving, happy multiple red folder news events, and happy new highs this week for the Dow, SPY, and SPX! Let’s dive into today’s updates.

Thanksgiving Reflection: Psalm 100

As part of our Thanksgiving tradition, I’m reciting Psalm 100 for our prayers. It’s a Psalm of Thanksgiving, perfect for this season:

Make a joyful shout to the Lord, all you lands! Serve the Lord with gladness; come before His presence with singing. Know that the Lord, He is God; it is He who made us, and not we ourselves. We are His people and the sheep of His pasture. Enter into His gates with thanksgiving and into His courts with praise. Be thankful to Him and bless His name. For the Lord is good, His mercy is everlasting, and His truth endures to all generations.

Let this inspire gratitude as we head into Thanksgiving.

AM Briefing No. 313

Brought to you by MicrosTrader.com
"Together we trade better!"
We are an ES/MES Futures Trading Room that emphasizes collaboration and growth. Don’t forget to check out our free Foundations Course on MicrosTrader.com for valuable insights and a complimentary Zoom pass.

Tip of the Day: Add to Winners Only

If you make one trading rule, let it be this: only add to winners, never to losers. Think about how this principle could transform your results over 100, 500, or 1,000 trades. Repeat this mantra: I only add to winners.

News Drivers Today

A busy day of economic updates awaits, including:

  • Preliminary GDP (quarter over quarter): One hour before market open.
  • Unemployment claims: 30 minutes after market open.
  • Core PCE data: This could significantly impact charts.
  • FOMC minutes: Be prepared for thin price action.

Despite the week’s historical bullishness, stay cautious of potential profit-taking. Focus on trading the levels in front of you rather than worrying about your chart’s numbers.

Key Trading Insights

Yesterday’s Levels and Review

The highlighted levels from yesterday played out as expected. Markets bounced off key points like Monday’s open and continued to "ladder up" in sluggish but upward moves. The SPY and SPX reached new highs, while ES fell short.

Overnight Developments

The ES took out yesterday’s high. Key levels to watch today include:

  • 59.90: Bears need to defend this level.
  • 59.60: If breached, we may see stronger bearish action.

Caution Against Shorting

The market remains in a strong uptrend. Avoid shorting near all-time highs, as they serve as magnets pulling the price upward.

Indices Update

Russell 2000: Above yesterday’s high with a bounce at half-back.
Dow: Made a new all-time high overnight.
NASDAQ (NQ): Lagging with tightening ranges, signaling potential choppy conditions.

Group Activities and Mental Training

Join us 30 minutes before market open for mental training and live analysis. If you’re not part of the group, grab a free Zoom pass and explore our Foundations Course on MicrosTrader.com.

Final Thoughts

The Bulls remain in control until proven otherwise. Trade strategically, respect the key levels, and remember: never short a dull market. Good luck, stay green, and we’ll see you live in the trading room!

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