Thu ES MES Micros Technical Analysis 12/05/2024

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



In today’s market briefing, traders witnessed Bitcoin soaring to a record 100,000, while the S&P 500 futures (ES) hit 6100, signaling robust bullish momentum ahead of the highly anticipated Non-Farm Payroll report. Despite the excitement, market action remained constrained, with analysts urging traders to approach with caution and limit trades to only the most promising setups. Tight ranges and a lack of significant liquidity highlighted the market’s wait-and-see attitude. For those navigating these conditions, trading discipline and strategic planning remain key themes as the year-end approaches. 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!

Let's begin today's session with a verse:

"But the angel said to her, 'Do not be afraid, Mary; you have found favor with God. You will conceive and give birth to a son, and you are to call him Jesus."

Can you imagine the profound moment of being told that you will bear a child and name Him Jesus? Let's reflect on this as we dive into today's insights.

AM Briefing #317

Welcome to the AM Briefing, where there is always another high-probability trade just around the corner. Keep your resources ready so you can seize the next opportunity. If the market's price action frustrates you, remember, you can always say “no, thank you” and wait for a better setup.

Tip of the Day: Should I Be Trading?

Today is an exciting day:

  • Bitcoin has reached 100,000.
  • Dow, Nasdaq (NQ), and ES futures have hit all-time highs.
  • ES finally reached the 6100 mark.

It’s the day before the Non-Farm Payroll Report, a crucial event shaping trading opportunities. Here’s the dilemma: Should you be trading?

The decision is yours. Today, I’ll play it tight and cautious, as conditions are mixed. Remember, unemployment claims were released an hour before the market opened, so market sentiment might remain stagnant until tomorrow. Many traders find this period frustrating due to the lack of movement, often choosing to sit out.

Yesterday’s Review

Yesterday’s market session brought us to 6100, a beautiful number. However, much of the day was uneventful. After calling it quits early, I waited for Powell’s remarks and avoided trading during stagnant price action. Overnight, ES is in a tight seven-point range, highlighting the market’s current indecisiveness.

ES Chart Update

The broader view shows:

  • A strong high-timeframe trendline established over recent sessions.
  • Bulls firmly controlling the market.
  • A steady upward march, almost parabolic in nature.

What’s driving this momentum?

Fund managers are likely pushing for year-end bonuses, making it easier to sustain the upward trend. Be cautious—only traders entering at high levels face potential risks.

Advice for Today and Tomorrow

Markets are at all-time highs and stagnant, waiting for the Non-Farm Payroll report tomorrow. Here's my advice:

  • Trade light.
  • Start your Friday trading rules today.
  • Only take A+ setups—the ones you cannot resist.
  • If you dislike the price action’s personality, walk away.

Stay green, my friends, and to learn more about our group, visit MicrosTrader.com.

MORE INFORMATION:

Website: https://MicrosTrader.com

YouTube: https://www.youtube.com/@microstrader

Free Foundations Course: https://academy.microstrader.com/foundations-dashboard/

Summary:

  • ✅ Start with Reflection: Today’s verse reminds us of Gabriel’s message to Mary and its profound impact.
  • ✅ Market Conditions: Bitcoin hits 100,000, while ES reaches 6100. Markets are stagnant ahead of the Non-Farm Payroll report.
  • ✅ Yesterday’s Review: ES closed at 6100 after a sluggish session. Overnight trading remains in a tight range.
  • ✅ Trading Advice: Be selective—take only high-quality trades. If the price action frustrates you, step aside.
  • ✅ Group Resources: Join our community at MicrosTrader.com to enhance your trading journey.


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