Market Analysis for Jan 25th, 2023

Looks like a liquidation is occurring towards the 3980 weekly low area, short biased today when holding below 4000. Let's see how RTH opens, trend day down possible.

See last night's report for context:

Intraday trading parameters:

  • *Jan 24 buyers were not able to keep up the pace and strength of the past 2 sessions. Price action took a breather and  market is just stuck balancing in our pre-determined range of 4040-4000. Jan 24 EOD settled at 4038s ,the second session in a row…above last week’s high
  • Going into tomorrow, want to note that there’s tremendous risk of a counter attack from the sellers given the price action structure we’re seeing across the board. However, we first need to see if sellers able to break and sustain below 4000 to open up a liquidation into current 3980 weekly lows area
  • If that breaks, then last week’s range and targets will be valid again (3950/3930/3900)
  • Conversely, if buyers keep sticksaving/holding around this 4000-4015 area then a rotation back into 4050 remains valid given the ongoing trend of past couple sessions
  • Then, buyers would need a strong break above 4050s in order to open up 4070/4080/4100 
  • Overall, market is just balancing/doing range days until we get out of this short-term range so don’t get married to your opinions here
Ricky Wen is an analyst at, where he writes a nightly market column and hosts the ES Trade Alerts premium subscription service.