What Happened

  • Most global cash markets were closed for the New Year holiday.
  • Futures traded lightly with minimal range and little conviction.
  • Crypto markets were steady, offering the only real price discovery.

What It Means

  • Holiday closures limit price discovery and make signals unreliable.
  • Any move today is more about positioning than fresh information.
  • Real direction should emerge on the first full trading day.

What I Think

  • I am treating today as a reset, not a trend signal.
  • January liquidity will decide whether the rotation stays intact.
  • The first data prints will matter more than holiday price action.

Market Terms

  • Holiday closure - A session where major cash markets are shut.
  • Price discovery - Markets finding a level through active trading.
  • Liquidity vacuum - Thin participation that can distort price moves.