Anthony's daily market analysis and charts
News
Market Summary: The June 28 report highlighted my expectation that the SPX index would “test support at 5400 in the near term with the additional downside risk of filling the 5375-5400 gap and potentially testing 5300”. The bullish gap up on June 12 had seemed to run its course and
News
Market Summary: The SPX index continues to hold the 10dma (ref 5464) as the trading range has tightened from 5400/5500 to 5450/5500. Although intraday price action is indecisive, the index has achieved higher highs and higher lows over the past three sessions as it grinds back towards the
News
[caption id="attachment_998" align="aligncenter" width="537"] Screenshot[/caption] Market Summary: Away from looking at the SPX for a moment, there was some very interesting action in the E-mini S&P 500 front month futures (ES1 Index) heading into the close of
News
Market Summary: The SPX index continues to work within the current “island” with a support/resistance range of 5400/5500. A mid-session dip tested my previously identified support level at the 10dma (ref 5447) and the previous session’s low (ref 5447) as the index hit and held a low
News
Market Summary: In yesterday’s report I noted the gap up in the SPX on June 12th from 5375 to 5400 (see chart). The 5400 level continues to act as crucial support. Consolidation and a hold above this level with confirming internals would suggest the index is setting up to
News
Market Summary: Over the past 7 sessions, the S&P 500 Index has continued to build upon and hold support at the 5400 level. This level is key as it represents the lows/base of the “island” which has developed coming off the June 12 gap up (thank you
News
ES1 (SP500 Generic Front Month) - 4.8.24 *The index remains below resistance as momentum (M1, M2) remain negative and degrading. My initial downside target of 5200 was achieved (and held) on both Apr 4 and 5. The index continues to seem poised to head lower in the near
News
ES1 (SP500 Generic Front Month) - 4.1.24 *The index continues to grind higher within a very clean, orderly and somewhat vertical uptrend channel (C1). Additionally, the 10dma (ref 5282) remains reliable as trade support. To note, the index has now rallied ~27% off the Oct 2023 low (ref
News
ES1 (SP500 Generic Front Month) - 2.6.24 *Momentum on the Daily chart remains positive but is narrow and compressing. Although this could be a leading indicator that price will not break out above 5000 and may be beginning to retrace, I am sticking to the Weekly chart for
News
ES1 (SP500 Generic Front Month) - 2.2.24 *I wrote in the Jan 31 pre-market note that "All in, price action and momentum (WM1, WM2) look constructive". I also highlighted trade support at 4870 writing that "I would stay focused on a support/resistance range of
News
ES1 (SP500 Generic Front Month) - 1.24.24 *Although I love to hate them, I remain convinced that the index is set up to continue the grind higher in the near term. Again focusing on the Weekly chart, the breakout above long term resistance (T1) continues to hold with
News
ES1 (SP500 Generic Front Month) - 1.23.24 *As I wrote yesterday with reference to the Daily chart, "price has shifted to a bullish stance with confirming internals". As we are close to closing the month of Jan, I thought it would be helpful to once again