Market analysis for Jan. 17th, 2024

We had an "O.K." day yesterday to start the holiday shortened trading week. My net liq was up $700 dollars which was a big victory as NVDA and BA both pressured us. Our 0DTE's poured in almost $1800 of profit. The DOW fell to a three week low on BA's downgrade by Wells Fargo. NY Empire State manufatuing index plunged yesterday and Fed Governor Waller stated that rate cuts need to be "carefully calibrated and not rushed. I see no reason to move as quickly or cut as raidly as in the past". The market didn't like either. Bad economic news out of China overnight have kept futures lower this morning. We have key, US retail sales numbers up before the bell this morning which could shape our opening. 

​In spite of the weak catalysts, its not been enough to turn the indicators negative.

Price action has brought us back to a very critical level of approx. 4785 on /ES. This is where we started the year and then dropped.  Jan. 9th, 11th, 16th it acted as support. Will it hold as support today or turn into resistance?

Tech was the only bright spot yesterday with NVDA continuing to shoot higher.

We also have Fed's Bowman and Barr speaking this morning along with US industrial production numbers.

Intra day levels for me: Tight ranges again today. 4788/4793/4801* (key level for bulls)/4809 to the upside. 4779/4769/4760/4749 to the downside.