Charts

Market Summary: In yesterday’s report I noted the gap up in the SPX on June 12th from 5375 to 5400 (see chart).  The 5400 level continues to act as crucial support.  Consolidation and a hold above this level with confirming internals would suggest the index is setting up to break out above the previous all-time […]

Market Summary: Over the past 7 sessions, the S&P 500 Index has continued to build upon and hold support at the 5400 level.  This level is key as it represents the lows/base of the “island” which has developed coming off the June 12 gap up (thank you soft CPI data).  The index has subsequently hit

ES1 (SP500 Generic Front Month) – 4.8.24 *The index remains below resistance as momentum (M1, M2) remain negative and degrading.  My initial downside target of 5200 was achieved (and held) on both Apr 4 and 5. The index continues to seem poised to head lower in the near term.  Initial downside targets remain 5200 and

ES1 (SP500 Generic Front Month) – 4.1.24 *The index continues to grind higher within a very clean, orderly and somewhat vertical uptrend channel (C1).  Additionally, the 10dma (ref 5282) remains reliable as trade support.  To note, the index has now rallied ~27% off the Oct 2023 low (ref 4217).  Almost 30% in just 5 months,

ES1 (SP500 Generic Front Month) – 2.6.24 *Momentum on the Daily chart remains positive but is narrow and compressing.  Although this could be a leading indicator that price will not break out above 5000 and may be beginning to retrace, I am sticking to the Weekly chart for now and staying focused on strong momentum

ES1 (SP500 Generic Front Month) – 2.2.24 *I wrote in the Jan 31 pre-market note that “All in, price action and momentum (WM1, WM2) look constructive”.  I also highlighted trade support at 4870 writing that  “I would stay focused on a support/resistance range of 4870/5066”.  That said, the Jan 31 low was 4866 and the

ES1 (SP500 Generic Front Month) – 1.24.24 *Although I love to hate them, I remain convinced that the index is set up to continue the grind higher in the near term. Again focusing on the Weekly chart, the breakout above long term resistance (T1) continues to hold with positive/confirming momentum (M1, M2). The initial upside

ES1 (SP500 Generic Front Month) – 1.23.24 *As I wrote yesterday with reference to the Daily chart, “price has shifted to a bullish stance with confirming internals”. As we are close to closing the month of Jan, I thought it would be helpful to once again zoom out and look at the Weekly chart as

ES1 (SP500 Generic Front Month) – 11.8.23 *As the index pauses at the upper end of the recent trough-to-peak ~6.50% rally, I continue to believe that the 4380/4400 resistance level will hold.  As I wrote previously, “I would expect a pause here whether or not there is more upside for the balance of the year”. 

ES1 (SP500 Generic Front Month) – 10.6.23 *I have remained negative on the index since we broke below 4500 back on Sep 19.  That call has worked out well hitting 4 of 5 downside targets (A, B, C, D).  Although sometimes I “love to hate them” I do think the index is showing signs that