the $ES levels we're trading this week

Afternoon traders. Hope everyone had a nice weekend.

We’ve got another futures market brief for you that covers our exact levels we’ll be looking to trade this week.

Also, you’ll see how we use our NEW Ultimate TradingView suite to find some amazing trades.

Let’s dive in…

Impact Snapshot

•  NY Fed’s Empire State index plunges in January to lowest level since 2020

• Retail Sales - Wednesday 8:30am ET

Market Evaluation

Markets fell across the board. Treasury 10-year yields topped 4%, dollar hit a one-month high and the S&P 500 lost steam.

Business activity dropped sharply in New York State, according to firms responding to the January 2024 Empire State Manufacturing Survey.

The headline general business conditions index fell twenty-nine points to -43.7, its lowest reading since May 2020.

Roughly 30 S&P 500 companies have reported calendar fourth-quarter results thus far. Of those, 78% have beaten earnings expectations.

Markets Breakdown

The comments of Sunday’s report were clear.

We had the first signs of strong sellers preventing a higher high and we have witnessed this behavior today as well.

The volume for this upside accumulation was as weak as it gets. 

Buyers need to show way more activity to push the market for a new higher high of this range.

TradingView Suite & X Market report

By utilizing our brand new Tradingview Suite, paired with our indicators and market report we were able to have a spot-on trade early in the session.

We have a pre-market plan for several reasons.

We are looking at it as a decision-support-tool, not a trading system. Watch the latest update here.

ES

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

• Downside Levels: 4776/4759/4743

• Upside Levels: 4824/4842/4851

Alright that’s all we got for you today.

Keep an eye out for Thursday’s report, and share this Substack with 2 friends (if you found some value of course).

Enjoy the week ahead!

-The QuantVue Team