Daily Technical Analysis

Market Report 

Market Summary

The ES1 Index (Generic 1st Month S&P 500 E-mini) lost 39bps during Friday’s session, closing at 6965. This tick marked a +1.06% month for the index, down from a monthly high return of 2.18% achieved on Jan 28. The index remains extremely volatile with the high/low range for the last four days of the month at 7043/6898. The previously identified 6920 level has continued to be tested (bending but not breaking), leaving the index stuck between support/resistance at 6920/6988. I would remain focused on this range as momentum and trend are showing real degradation on the short-term, intermediate-term, and long-term counts. All in all, I see some potential for a small bounce back to the 7000 level, but overall, I see risk as skewed to the downside with an initial target of 6860 and a secondary target of 6800.📈

Support Levels

• 6920: Near-Term Resistance (Nov 28 – Dec 4)
• 6915: 50dma

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Resistance Levels

• 6959: Nov 12 High
• 6988: Dec 12 High
• 7036: All-Time High (Jan 13)
• 7200: Measure Move

Technical Chart

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