Market Outlook 01/12/2021
Markets stayed in expected range from Monday with /ES testing the critical 3770-75 zone outside Regular Trading Hours only. The bulls managed to hold on 3788-92 zone for close which is proving to be good support during globex as well
A lot of FOMC members are scheduled to speak during the morning session today which may produce some news/commentary related spikes in the market.
/ES Market Levels
3848-3860 (Top of possible range)
3822-3828 (All time highs)
3803-3808 (Line in sand, bullish above)
3788-3793 (Minor support zone)
3771-3776 (Previous all-time-highs, Friday’s low)
3722-3735 (Initial breakdown target)
3685-3684 (Minor support zone)
3648-3662 (Major support zone, 2021 Low)
3592-3622 (Bottom of possible range)
RTY 2077-81 is the intraday line in sand and shorts need to push it under the zone. Above /RTY 2090-92 is absolutely buy the dip territory.
/ES and /RTY have a number of overhead resistances compared to /NQ which should be a better relative buy if breaking out.
/NQ Market Levels
13192-13214 (Top of possible range)
13016-13035 (Minor support zone)
12948-12966 (Initial target on breakout)
12840-12862 and 12880-896 (Target zone on breakdown, Line in sand)
12790-819 (Minor support zone, 01/06 highs)
12730-752 (Balance zone. Look for pullbacks in this zone to buy)
12640-670 (Major pullback zone)
12582-602
12480-501 (Major term support zone, Bottom of possible range)