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 6943. The index tested resistance at 6959 with a high of 6963 and managed to close above the 6920 level and the 10dma (ref 6937. My VIX signals are neutral/risk on. I would note that S1 support (see chart) was not even tested as the index remained within the ascending triangle and climbing. As I wrote yesterday, “I would remain long the index above 6875 and add on a breakout above 7000. However, if the index were to break down below S1, the potential for a significant move lower would become very real. At that point I would look for a move down to 6730 or 6540.” I have not changed my view.📈

Support Levels

• 6920: Near-Term Resistance (Nov 28 – Dec 4)
• 6862: Dec 1 Low
• 6882: 50dma
• 6730: Previous Support/Resistance 
• 6792: 100dma
• 6540: Oct 10 Low (Crucial Support)

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Resistance Levels

• 6959: Nov 12 High
• 7013: All-Time High (Oct 30)

Technical Chart

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