Daily Technical Analysis

Market Report 

Market Summary

The ES1 Index (Generic 1st Month S&P 500 E-mini) gained 77bps during yesterday’s session, closing at 6830. The index broke back above the 6862 resistance level on an intra-day basis, hitting a high of 6872 but faded into the close of the cash session. Momentum and trend indicators continue to degrade. My Spot VIX and VIX Term Structure signals remain “risk on”. Although I have been writing about and expecting increased price volatility into year end, the price action over the past few days has been confusing. I see the current set up as presenting a binary trade, long above 6862 and short below. I believe this level is significant enough to act as a trade pivot point. I see risk skewed to the downside currently.📈

Support Levels

• 6920: Near-Term Resistance (Nov 28 – Dec 4) (BROKEN)
• 6862: Dec 1 Low (BROKEN)
• 6846: 50dma (BROKEN)
• 6730: Previous Support/Resistance
• 6747: 100dma
• 6540: Oct 10 Low (Crucial Support)

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Resistance Levels

• 6959: Nov 12 High
• 7050: Measure Move from Consolidation

Technical Chart

Risk Disclaimer: Past performance is not indicative of future results. Trading and investing in commodity interests involves substantial risk of loss. All trading decisions should be made in consultation with a qualified financial advisor.