Daily Technical Analysis

Market Report 

Market Summary

The ES1 Index (Generic 1st Month S&P 500 E-mini) gained another 62bps during yesterday’s session, closing above 6920 (highlighted resistance) at 6930. Momentum and trend indicators continued to improve with price. My Spot VIX signal is now “neutral”. My VIX Term Structure signals remain “risk on”. As I said yesterday, “I see the current set up as presenting a binary trade, long above 6862 and short below. I would remain focused on the current support/resistance range of 6862/6920.” The index ran above and held 6862 and is now above 6920. The “long” side of the binary trade is working and seems to be poised to continue to do so through year end.📈

Support Levels

• 6920: Near-Term Resistance (Nov 28 – Dec 4)
• 6862: Dec 1 Low
• 6856: 50dma
• 6730: Previous Support/Resistance
• 6757: 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.