Tue ES MES Micros Technical Analysis 12/17/2024

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



ES and MES futures traders are preparing for FOMC day as markets remain in a multi-day chop zone. Mixed signals from indices, including strength in the NQ and a dragging Dow, continue to define current conditions. Traders are encouraged to stay mindful of trade levels and accept no-trade days as the market lacks directional clarity. MicrosTrader.com emphasizes the importance of preparation, with live trading sessions set for tomorrow and new educational content rolling out this week. 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 and Happy Tuesday!
Today is December 17th, the day before FOMC.

Verse of the Day

“For I know the plans I have for you,” declares the Lord,
“plans to prosper you and not harm you,
plans to give you hope and a future.”

Jeremiah 29:11

AM Briefing #325

Welcome to the AM Briefing #325, brought to you by MicrosTrader.com. Together, we trade better!

We are an ES MES Futures Trading Room, focusing on this symbol because it aligns best with our system. This is also the home of the saying: “There’s another high probability trade around the corner.”

Reminders and Updates

  • Contract Switch Over: Strong levels were updated last night with today’s date: 12.17.
  • TradingView Tutorial Series: Quick and to-the-point videos are now available. Leave a comment and let me know your thoughts.
  • Trade of H Series: Launching tomorrow, starting with a video on risk settings—the only thing you can control in trading.

Tip of the Day

Yesterday was a no trade day for me.
Do you have “no trade” days? If you don’t like the price action or don’t see your setup, it’s okay to sit out. Keep your powder dry because the market is always open tomorrow.

News Drivers

  1. Today: Core Retail Sales and Retail Sales will be released one hour before the market opens.
  2. Tomorrow:
    • FOMC Announcement
    • Live Trading Sessions on Zoom (Morning and Afternoon). Grab your Zoom Pass or register for the Free Foundations Course to get access.

Yesterday's Review

Yesterday was a mixed bag:

  • Bulls were in control early, hitting liquidity pools and magnets.
  • NQ rallied north aggressively, while Dow lagged, dragging down ES.
  • Price remained choppy, with no clean opportunities to trade.

The bull bear line played well, hovering around 6137. Multiple tests occurred, but no significant breakout emerged.

Current Market Status - ES Chart

The market is still trapped in a multi-day chop zone.

  • Key Levels:
    • Look for shorts in the red areas.
    • Look for longs in the green areas.

Higher Time Frame Insights: London session pushed price back up after failing to break the lows. Keep an eye on the bull bear line.

Indices Overview

  • Dow: Struggling, hitting multiple lows. It remains a drag on broader market movement.
  • NQ: Strong, trading in upper distribution.
  • ES: Mixed signals but holding above the bull bear line.

Bull Bear Scorecard

  • Overnight Trendline: Bears ✅
  • VWAP Status: Bears ✅
  • Overnight Halfback: Bears ✅
  • Yesterday’s Range: Bulls ✅ (barely holding inside range)
  • Indices: Mixed signals.

Conclusion: We remain in chop. Trade levels as they develop and maintain awareness of trade location and trend.

Stay Connected

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

Stay Green, My Friends!

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