Happy Holidays to everyone! The market action in the pre-holiday week was what one would expect. It looked like many participants decided to spend time shopping for presents instead of trading the market, which is why no real conviction was present to push the prices one way or another. The action was mainly sideways with the Friday close being 1 point away from Monday’s close. The higher lows and lower highs formations which we were mentioning last week are still intact and the wedge is getting smaller so resolution is expected shortly.
Considering the lack of direction, it is no surprise that there is nothing new to report on the weekly cycles. Market is still whipsawing the resistance level on ES, while YM is yet to trigger a resistance.
No drastic change on the daily cycles either. The only notable change is that the directionality tool on both ES and YM started to move lower. It would be important to see if it makes it to the lowest level and how it reacts from there.
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