Market Analysis for Jan 21st, 2021

Teachable moment in real-time, notice how this current scalp trade isn't the best in regards to average cost...(sometimes we nail the exact low or breakout of a move, other times you get scenarios like today...not the very best) 

Avg= 3851.5, price action right now flirting around 3838 and trying to formulate an intraday micro double bottom/higher lows)

Notice when the stoploss is set properly at or below a key level, then that's all it matters until proven otherwise.

As discussed earlier, if 3835 goes, then the next likely destination is 3825/3810 where we would likely re-attempt for a chance at Friday weekly highs

Note:  it's been a trend up week, no need to expect otherwise unless yesterday's regular trading hour low of 3810s breakdown)

Worthy to note that NQ/tech is still leading the pack and stronger in terms of relative performance for today, if you have dry powder, another higher lows is building (easy to manage risk vs LOD)

Ricky Wen is an analyst at ElliottWaveTrader.net, where he writes a nightly market column and hosts the ES Trade Alerts premium subscription service.