Daily Technical Analysis

Market Report 

Market Summary

The ES1 Index (Generic 1st Month S&P 500 E-mini) gained 63bps during yesterday’s session, closing at 6950. The index was volatile with a wide high/low range of 6966/6889. I would note once again that the index failed at the ~6959-resistance level for the third time since Nov 12 but held in-line for settlement (that’s good). Momentum and trend indicators held. Both my Spot VIX and VIX Term Structure signals remain “risk on”. As I wrote in my last report, “In my opinion, the index needs a quick, hard move back above the 6959 level. I believe this is the more likely outcome for the coming days.” The index took a leap forward yesterday and is now in need of some follow-through in the coming days. I continue to see two main themes as we head into the end of the year; unusually high price volatility and risk skewed to the upside.📈

Support Levels

• 6920: Near-Term Resistance (Nov 28 – Dec 4)
• 6842: 50dma
• 6730: Previous Support/Resistance
• 6722: 100dma
• 6540: Oct 10 Low (Crucial Support)

📉

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.