Market Analysis for Jan 21st, 2021


Be careful tonight as market could kill some loose stops vs our 3835 ES scalp. Force out some hands is possible. Take the stoploss if so.

Then, have the ability to re-purchase/stink bid limit orders lower avg cost vs support levels into 3825-3830 area if you choose to do so. This matches well with the 4hr 20ema trending support making it a confluence

For reference 3810~3800 is must hold for short-term momentum for rest of this week, price action should not overshoot below that. Otherwise, more consolidation ahead. 

For advanced players, if you had the NQ profits from earlier, you’ve already financed the ES trade risk. Then, you have 2 choices, you have ability to either widen the stop on ES or take the stop and re-enter via limit orders vs the support zone. 

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


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