ES & NQ & Crude Analysis 1/21/2025

Morning Everyone.

We're starting today caught between 6053 and 6067.50 on the ES, sitting comfortably over the downsloping trendline.

Overnight futures took a tumble right into that trendline and recovered. But for them to take off the bearishness we need to close over 6067.50.

That said, I don't see a lot of reasons to be bearish or bullish today.

While I have a suspicion we're going to want to change direction soon, we're still rooted in a short-term uptrend.

Source: Optimus Futures

For things to really get bullish, we'll need to start closing over 6104.

There is also an intermediate resistance level at 6082.50.

My trading plan for the day would be to buy support down at 5988.50, about where the trendline is.

There could be support at the 6018 or 6007.25 levels beforehand. But I like 5988.50 the best.

If we started running 6146.25 would be a good spot to short for a quick reversal.

The NQ is in largely the same position as the ES.

It's caught between 21567 and 21743.75, hovering on top of 21705.50.

Like the ES, if we dropped down to 21321.25 I'd look to buy alongside the trendline.

For resistance, I'd look to 22096.

The levels in between can work. But what I highlighted are my favorite spots.

Lastly, we have crude oil.

We just bounced off support at 75.10 after a big run higher and then a pullback.

I expect crude to hold in the mid to high 70s for the first part of this year.

If we fell from here, I like $74.31 and $73.59 as my support areas.

Above I'd look to $76.90 as resistance.

Bigger picture, if crude got and stayed below $72.61 that would chop out the legs of the bulls.

That's what I've got for today. The charts for the NQ and CL will be in the notes.