Market analysis for Jan. 10th, 2024

We had another blockbuster day yesterday with most every trade in the model portfolio (save NVDA) working for us. The RUT trade continues to do most of the heavy lifting and looks poised to do so again today. $15,000 bump in my net liq from yesterday and it puts us nicely green on the year overall. It's been a great start to the year. Let's take a look at the market. 

Technicals didn't change from yesterday. Still looking at bullish bias.

It was a mixed day with not a lot of directional bias developing 

While the A/D line wasn't impressive yesterday, the number of underlyings above the 50/200 DMA continues to look healthly 

Traders seem reticent to take any large positions prior to the two incoming inflation reports and the start of earnings on Friday. Banks kick off earnings on Friday and we'll be putting positions on Thursday before the close

The overall picture here still looks more neutral than bullish to me. Stoch have given us a clean buy signal but most other indicators are closer to flat. This marks almost a full month that we've been banging around this resistance level. At some point we'll get a break and a substantive move will take place. 

Intra day levels for me: The first two key areas on /ES for me are 4802 to the upside and 4782 to the downside. Any movement contained inside this range is just noise to me and not meaningful. 4802/4812/4825/4834 to the upside. 4782/4769/47/52/4748 to the downside.