key $ES levels we're trading this week!

January 18, 2024

Afternoon fellow futures & FX traders. Hope everyone is enjoying the shortened work week.

Your favorite analysts back in your inbox bringing another value-packed Substack post.

No time to waste.

Let’s jump in!

Impact Snapshot

  • US weekly jobless claims post lowest reading since September 2022

  • Consumer Sentiment - Friday 10:00am ET

Market Evaluation

The S&P 500 rose Thursday, boosted by tech gains, as the market tried to regain its footing after yet another losing session.

The U.S. Senate is set to vote Thursday on funding the federal government through early March, in a bid to avoid a partial shutdown that would begin Saturday morning.

Investors are concerned that a buoyant labor market coupled with robust consumer spending, may mean fewer rate cuts from the FED than many are expecting.

The labor market continued to show surprising resiliency in the early days of 2024, with initial jobless claims posting an unexpected drop last week.

Markets Breakdown

Possibly the biggest factor in understanding market activity is looking at market’s tempo and the follow up activity.

As we’ve talked and showcased since the start of the week, the key observation for this upside was the strong sellers stepping in the market to push it lower, preventing a new year high.

Despite the market being short just a couple of points before another year high, there was a substantial selling activity at the highs to prevent that since last Friday.

Yesterday’s session left a poor high, which as we’ve mentioned here, we were looking as point of interest to print another higher high above which we did.

The key objective for the bulls is seeing clear acceptance back above 4800 which will put us back inside the higher time frame accumulation zone.

With the information provided above, we exercise caution as strong selling with volume is never a random occurrence.

Ultimate TradingView Suite

By utilising our custom made TradingView Suite and custom made indicators of QuantVue, we managed to perform another high probability trade early in the US session. 

ES

The targets we look for until NY close & Targets to pay attention Tomorrow:

  • Upside Levels: 4801/4812/4819

  • Downside Levels: 4771/4757/4743

That’s it for this week’s Thursday report.

We’ll be back again on Sunday for our pre-week prep report.

Until then, share this Substack with 2 friends who you think will enjoy them.

Cheers!

-The QuantVue Team