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Emini indices analyzed for intraday trading


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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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About the author


Murali Sarma, Vice President of Business Integrations Inc., is an internationally known commodities analyst, author, trader and business consultant who has demystified commodity trading and introduced numerous futures trading strategies and indicators to traders - professional, non-professional and the novice trader - throughout the world. Murali began his trading career in the pre-dot-com bubble in 1998, electing to seek instruments to trade which had lesser volatility and offered more predictable analysis. From about 1999 to 2002, Murali traded out of the UK and moving to the US after that and working mostly independently with individual traders while learning from some of the best analysts and traders. While not being formally certified as a commodities trader, Murali preferred to hone in on his analysis and trading skills versus adding academically to his credentials. Murali believes that is isn’t about being right or wrong on your calls, it is about making money!

Murali has helped several traders become successful over the last 10+ years of active futures trading and has a strong following of traders who like to seek out opportunities in the futures markets on a daily basis versus following the old “buy & hold” investing adage. While not being opposed to switching hats and becoming an “investor” every so often with swing trades in the equities markets, Murali prefers to trade what he can see on charts using multiple timeframes and handcrafted indicators suited for all types of markets. Murali excels in trading sideways and choppy markets with a scalping style of being in-out of intraday markets when there is no defined trend, and on most other days prefers trading to his own computed target levels during the intraday timeframe, while following the trend.

In recent months, Murali has started a Twitter based alert service for intraday futures traders who like to trade commodities and index futures, and elected to blog post his daily analysis in commodities like WTI Crude & Gold and index future instruments like YM, NQ, ES & RTY. You may contact him via his email at info@tradeguidance.com

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