Emini indices analyzed for intraday trading

Fridays guidance for intraday traders of Emini Indices

Emini S&P [ES]

Trading to the long side: We remain bullish into the 2630 resistance zone. We have first support at 2583.50 and holding this will likely have us seek out 2604.25 which is first level of resistance. It is a Friday, if participants want to hurry through this into the next resistance zones expect 2614.50 to throw a layer of resistance and if it is all risk-on Friday expect 2631.75 to offer up amazing resistance.

The Downside Story: Although range bound conditions between initial support and initial resistance appears to be what looks more probable, below 2583.50, expect 2573.25 to offer up very nice support. The sentiment needs to switch to the dark side to take use lower today and if sellers persist, they may find the juice to driver it all the way to 2555.75 which should halt the slide for the day.

Emini Dow [YM]

Trading to the long side: First support today for the blue chips index is at 23858 and holding this will likely push towards first resistance at 24036 which has decent resistance. If buyers insist on finding value higher, expect 24125 to find some additional layer of resistance and halt the gains. However, since it is bulls ball we could see us pushing higher above here if the ES move higher persists and take this all the way to 24275 where there is ample resistance.

The Downside Story: If sellers want to show that they are not all done and sell it below first support [23858] then expect 23769 as another level for YM sellers to find a guard shack. And if they are past this level, expect 23619 to offer up amazing support for the day suggesting some profit taking on longs for the week.

Emini Nasdaq [NQ]

Trading the long side: The tech sector appears primed for a January squeeze into resistance as FAANG group of equities show some balance this week. We have first support at 6592.75 and holding that will have us flirt with first resistance which is at 6655.75 which we could not find strength in the overnight session to go visit. Above that first resistance is 6687.25 and has decent resistance. Buying strength could have us looking for 6740.25 provided the broad market participants are singing along. Never ignore the fact that the S&P is the mother ship.

The Downside Story: Failing initial support at 6592.75 will have us go quickly to seek out 6561.50 which has good support. Sellers could do a profit taking session today if they sell below here and seek value lower. We will run into a wall of support at 6508.25 for the day.

Emini Russell [RTY]

Trading the long side: The small cap index is showing some strength in recent trading sessions. We have first support at 1439.9 and right now as we write this, we are trading slightly above this level. Pushing higher has first resistance at 1453.3 and only strength in the broad market today can steer this market along higher to secondary resistance which sits at 1460 even. If value seekers are looking for a higher close, expect 1471.3 to halt the buying spree and price for the day.

The Downside Story: Failing to hold 1439.9 will of course not be too good today and there is secondary support at 1433.2. If sellers are not done taking profits, expect 1421.9 to halt the losses for the day as that region serves as a good wall of support for the day.

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