Market Analysis for Jan 21st, 2021

Yes, we are sitting in ES scalp long trade and likely hold overnight unless we get stopped out at 3835 in next few minutes. Same 3878-3900 targets near term.

For those new here, make sure you have already set your stoploss order to be able to fill afterhours, good till cancelled.

Note: if you caught the NQ train from the higher lows setup, you could trim and trail or keep full position at breakeven stop. You should be up +70 NQ points at this point or $1.4k per contract or maybe more if caught a better average. (13340->13410s)

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