Daily Technical Analysis

Market Report 

Market Summary

The ES1 Index (Generic 1st Month S&P 500 E-mini) gained 90bps during yesterday's session, closing at 6781. The index has continued to rebound off the recent low (ref 6525) which marked just below our previously highlighted support level at 6540. Momentum and trend indicators continue to improve. My Spot VIX signal is “risk on” (this is important). My VIX Term Structure signal is “neutral”. As I have continued to write, risk is skewed to the upside with the index above 6730. I continue to keep a long bias above this level and a short bias below. The bias clearly shifted today back to long. 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

• 6756: 50dma
• 6730: Previous Support/Resistance
• 6621: 100dma
• 6540: Oct 10 low

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Resistance Levels

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

Technical Chart

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