We have an hourly sideways market…

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  I took Tuesday off after the holiday and made it a great ski getaway weekend and I'm finally back in the saddle.  I was net net short going into the weekend and my portfolio did rather well while I was away.  Currently overnight, price action in the ES has gone sideways with price retesting the 1875 area and bouncing lower.  Our low area of MS is at 1804.  Expect ping pong between the 1875 and 1804 level with a bias to the downside the longer price continues to go sideways.  

ES 01212016 Open
Click on chart to enlarge ES 01212016 Open

Trading the ES, I'd short the tops vs buying the bottoms so as the market opened today it would have been a good time to look for a short back down to the 1804 level.  Below is the Daily chart where I'm looking to sell a Call Credit Spread CCS when price retest the 1908 area of mS, this is the area the market should retrace to and then roll over to head lower...

ES 01212016 Daily
ES 01212016 Daily
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