Mon ES MES Micros Technical Analysis 12/23/2024

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



Futures traders enter Christmas Eve Eve with a focus on discipline and key levels as outlined in MicrosTrader’s morning briefing. The analysis emphasizes avoiding trades without clear levels, especially given the current high timeframe range. Traders are advised to watch for Consumer Confidence data shortly after the market opens, with scenarios mapped out for both bullish and bearish moves. The overall message is clear: stay disciplined, prioritize high-probability trades, and manage risk effectively. 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, everybody, and Happy Christmas Eve Eve! Today's verse is a reminder of hope through our sufferings:

"Not only so, but we also glory in our sufferings, because we know that suffering produces perseverance; perseverance, character; and character, hope."

This verse also reflects the journey of a trader. Perseverance develops character, and character builds hope. Let's carry this mindset into our trading day.

AM Briefing #329

Brought to you by MicrosTrader.com
"Together We Trade Better"

Tip of the Day: No Level, No Trade

Today’s trading tip is simple but critical: No level, no trade. Period. End of story. This is especially true on a day like Christmas Eve Eve.

  • Watch price action: Love the price action, but do not trade unless there is a level to work with.
  • Great trade locations: Friday was an excellent example with a 100-point news-driven runner.

News Drivers

At 30 minutes past the market open, we have Consumer Confidence data coming in. Be ready to watch how the market reacts to this in our group.

ES Chart Analysis: Where Are We?

Weekend Recap

Looking back at the weekend:

  • The market had a chop range at higher levels.
  • FOMC brought the market lower, testing the next range and backtesting the trendline.

Current Observations

  • Middle of the Range: We are currently in a high timeframe area with thin price action both above and below.
  • Potential Movements:
    • We could move up to test the upper range.
    • Alternatively, we might retest lower levels.

Trend Insights

  • Northward Momentum: Indicators suggest the market is leaning bullish as we remain in the upper distribution of Friday's range.
  • Bull/Bear Scorecard:
    • Overnight trendline favors bears for now.
    • Other metrics, like VWAP and halfback levels, are too close to call.

Key Trading Levels

  • Bull/Bear Line:
    • Above 87.50: Look for longs targeting higher levels, including the London High or Asia High.
    • Below 87.50: Watch for short opportunities.

Scenarios

  1. Bullish Scenario: If we break above London and Asia highs with conviction, look for long trades targeting the RTH high and possibly 6120.
  2. Bearish Scenario: If we drop below 87.50, look for short opportunities targeting lower liquidity areas.

Final Thoughts

Today could be a no-trade day, which is perfectly fine. Wait for clear opportunities at key levels, and always prioritize staying green.

To learn more about our trading group, visit MicrosTrader.com.

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