Daily Technical Analysis

Market Report 

Market Summary

The ES1 Index (Generic 1st Month S&P 500 E-mini) gained1.53% during yesterday’s session, closing at 6721. The index continued to push past the 100dma (ref 6611), hitting a high of 6731. To note, I have been focused on and writing about the 6730 level for the past several days. As I wrote on Nov 18, “I remain concerned with the recent fade in both price and internals. I also remained focused on the 6730 level, short bias below and long bias above.” I maintain this view. Momentum and trend have improved. My Spot VIX signal shifted to “risk on” (this is important). My VIX Term Structure signal shifted back to “neutral”. Price action, along with internals, seems constructive. I would continue to focus on the 6730 level, short bias below and long bias above. 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.📈

Support Levels

• 6611: 100dma
• 6540: Oct 10 low

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Resistance Levels

• 6730: Previous Support/Resistance
• 6751: 50dma
• 6780: 20dma
• 6900: Nov 12 High
• 7050: Measure Move from Consolidation

Technical Chart

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