Daily Technical Analysis

Market Report 

Market Summary

The ES1 Index (Generic 1st Month S&P 500 E-mini) lost 48bps on the session yesterday, closing at 6885. Although the index faded and closed back below 6900, the final settlement price was well above the session low (ref 6862). Momentum and trend held as both my Spot VIX and VIX Term Structure signals remain “risk on”. 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.  On a broader note, I am starting to see signs of weakness on my intermediate and long-term counts. While the index could easily push higher in the short-term, we need these longer-term signals to improve significantly to reduce the risk of a shift to a High Vol-Bear regime in 2026. The 6540 level will be crucial over the coming months.📈

Support Levels

• 6822: 50dma
• 6730: Previous Support/Resistance
• 6692: 100dma
• 6540: Oct 10 Low (Crucial Support)

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Resistance Levels

• 6900: Nov 12 High
• 7050: Measure Move from Consolidation

Technical Chart

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