ES Monday 1.24 Overview and Levels to watch

ON Our level of 4420 worked well. We got over the level and could not get any upside which means we just sold all the inventory that we bought under 4400. It took a long time for people to realize they are trapped and start selling out which is what we are seeing now. We had a small bounce close to our 4355 level but had enough supply to break in it. Question today is will we see continued weakness? Looks like we will be opening outside of Fridays range and under T+2 so we can expect some margin call selling today. Always wait for inventory to get too long or too short around the level you are watching for a better trade, dont just jump in on first test. Let the market tell us where we going. Levels to watch today 4330 - 4300 - 4270 to the downside and 4355 - 4400 - 4420 to the upside.