Daily Technical Analysis

Market Report 

Market Summary

The ES1 Index (Generic 1st Month S&P 500 E-mini) gained 33bps during yesterday’s session, closing back above the lower Bollinger Band at 6661. Momentum and trend have continued to degrade. My Spot VIX signal remains “neutral”. My VIX Term Structure signal remains “risk off”. As I wrote yesterday, “I remain focused on the 6730 level with a short bias below and a long bias above (this has worked). In managing that position, I would be reducing the short exposure here (ref 6648) and gradually covering the balance of the short as/if the index approaches and trades back above 6730.”📈

Support Levels

• 6607: 100dma
• 6540: Oct 10 low

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Resistance Levels

• 6755: 50dma
• 6809: 20dma
• 6900: 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.