we'll get a pullback...right? 😳

Afternoon traders.

We’ve got another action packed Substack for everyone today as markets are chugging to all-time highs.

No time to waste, let’s jump in…

Impact Snapshot

• Services/Manufacturing PMI - Wednesday, 9:45am ET.

Market Evaluation

US equities kept to tight ranges ahead of a slew of company results that should offer insights on the state of the global economy.

Equities have broadly shrugged off the Federal Reserve’s warnings that interest-rate cuts are some way off.

Instead they have cheered the economy’s resilience even after the most aggressive policy-tightening cycle in decades.

The preliminary fourth-quarter gross domestic product figure is due Thursday, followed by the Commerce Department’s closely-watched personal consumption expenditures price index for December on Friday.

Ultimate TradingView Suite

By utilizing our market report that we’ve posted several hours ago into the overnight session ‘Read it here’, pared with our Tradingview suite + Q_Pro, we were able to spot some key trading opportunities as the market followed up on the context around 4881, which as we’ve highlighted, could act as magnet for price to return towards when the market extend itself away for the day.

Markets Breakdown

The market is on range-bound activity since Monday in the anticipation of key economical reports at the end of the week as well as some key earnings.

As highlighted in the morning report, the most important level of this upside range is 4881.

Generally, the more prominent a point of control is, the higher the odds that the market likes to re-visit that level. 

We saw that happen at least a few times after our marker report for the day, further highlighting the importance of paying attention to range-bound vs trend days.

In range bound environments, the value is building in a tight ranges as you can visualize. Longing or shorting away from the point of control of that range, without the confirmation of volume and hopping for a breakout, makes for some risky trades.

ES

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

• Upside Levels: 4901/4930/4960

• Downside Levels: 4858/4838/4830

That’s all we got for you today.

We’ll see you again on Thursday!

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Enjoy the week ahead.

-The QuantVue Team