Thoughts on the day ~ S&P500~ Thursday - January 20, 2022

Well, we failed to hold onto the levels from yesterday, and just as we suspected, a move to the 4450s would be up next. 

Fast forward into today's close and halt for the Globex session the $MES/$ES hit a low of 4437.75. **At the time of finishing writing this post the market broke those prices and tagged 4330s with more lows looking likely.**

So, what does this mean going forward in the short term?  

Well, we're currently sitting at an area in price where the $MES previously broke out of a range and ultimately made a new all-time-high.

This is the first time back to this price area, so we will see if it holds. If we get a hold at these levels, expect a move back up toward the > $4,600-$4,660 range. 

If, we fail to hold this level, more room to the downside makes sense into an area of demand seen on the weekly chart + daily chart gap fill area ==> $4,390-$4,353 on the cash index SPX & ~ $4,373 - $4,340s on $MES/$ES. 


With all this volatility comes plenty of opportunity. Let's see how we finish out the week!

Happy Friday trading!

 

Don't forget to join us in our Discord server! ---> https://discord.gg/PXQBNZvHYN

 

Jeff

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