Daily Technical Analysis

Market Report 

Market Summary

The ES1 Index (Generic 1st Month S&P 500 E-mini) gained 20bps on the session, closing just below 6900 at 6898. The index pushed up to the 6920 level, hitting a high of 6921. This is the third consecutive test of ~6920 in as many sessions, establishing it as trade resistance for the near-term. I believe this level is worth paying attention to. Momentum and trend continue to hold/expand slightly. 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.📈

Support Levels

• 6825: 50dma
• 6730: Previous Support/Resistance
• 6697: 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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