2024-01-17 - a daily price action after hour update - nasdaq

Good evening and i hope you are well. We continue the big downs and big ups. Both sides can make money yet bears manage to make lower lows and lower highs.

nasdaq e-mini futures

Tricky. Bears making new lows but bulls buying it all and closing at the highs. Yet they did not manage to trade above yesterdays open and the globex high. I do think the move from 16689 up was strong enough to get a measured move to around 17000 but bulls first target tomorrow is 1h close above 16900. We clearly broke above of the triangle and the tight new bull channel could get us above 16900. Bears see it as a two legged move inside a broad bear channel. They will try to keep it under 16900 and close the week below 16700 or maybe even touch the lower bull wedge line from early december + early january at around 16600. That beeing said. Bears still can not close below the daily 20ema which is bullish. Bulls want a retest of the december high at 17165 and keep the big bull wedge alive.

short term: sideways but can break out both ways again. we currently go up and down almost every day

medium-long term: down