Your MUST-READ Morning Stock Futures Cheat Sheet: Backing off highs

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The Precise Take – Backing off highs

Big Picture Analysis: Yesterday, some of the overnight gains were given back, but the day session range in the ES was only 7.00 points, the lowest in months.  Much of the action is occurring after hours, as was the case overnight, as headline risk out of Europe got the best of the risk markets.  All in all, we don’t place to much weight on this action, and only if the high volume area (135 minute chart, below) from about 1270 to 1277 fails to contain price do we not see higher highs ahead.  With crude in the spotlight, today’s EIA Petroleum report at 10:30 am EST might move the markets if out of consensus.  Also traders will be looking to the Fed’s Beige Book released at 2:00 pm today, which is a guide for the FOMC in its upcoming meeting on January 24-25.  We don’t expect it to be a market mover, however.

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