Charts

ES1 (SP500 Generic Front Month) – 9.22.23 *I have been very consistent over the past few weeks in saying that a break below 4500 support would create a more significant move down.  I highlighted downside targets of 4460, the 100dma (ref 4456) and 4400.  On Sep 19 the index hit the 4460 target with a […]

ES1 (SP500 Generic Front Month) – 8.31.23 *As I stated yesterday, the index has rallied off the Aug 18 reversal bar and has broken above the “the 10dma (R10), 50dma (R50) and 4500 (R4500).  In addition, momentum (M1) has shifted to positive confirming there may be some more upside left on this move in the

ES1 (SP500 Generic Front Month) – 8.30.23 *The index has now rallied over 3% off the Aug 18 reversal call low of 4350 and has broken above all three of our identified resistance levels.  These levels again were the 10dma (R10), 50dma (R50) and 4500 (R4500).  In addition, momentum (M1) has shifted to positive confirming

ES1 (SP500 Generic Front Month) – 8.29.23 *I have been off the desk for a so let’s recap the last few days and reports.  I noted on Aug 18 that a doji reversal stick had formed.  After confirmation on the next trading day (Aug 21) I shifted my view to neutral expecting some upside “rebound”

XHB (SPDR S&P Homebuilder Equity ETF) – 8.17.23 *The XHB is forming a massive 18 month double top (R1, R2). The ETF is failing at resistance (ref $85) with confirming negative momentum (M1). I think the current set up is very bearish with additional downside likely. I would focus on an initial downside target of

ES1 (SP500 Generic Front Month) – 8.17.23 *The overnight low for the index currently stands at 4409.  I would consider this to be the test of the previously identified downside target of 4400.  As I have stated over the past few weeks, 4400 stood out as a legitimate and “easily attainable” downside target once the

ES1 (SP500 Generic Front Month) – 8.16.23 *In mid-July I identified 4631 as an upside target/resistance level to focus on.  At that time the index was trading ~4500.  On July 27 the index hit that target (high 4634) and has subsequently sold off ~4%.  Yesterday’s low of 4447 was below the short term support level

ES1 (SP500 Generic Front Month) – 8.15.23 *I stated yesterday that I “continue to feel risk is to the downside” and that I would focus on a short term support/resistance range of 4460/4515(10dma).  The high/low range for yesterday’s full session was 4507/4465, fitting perfectly within our identified range.  The index, as of this morning, hit

ES1 (SP500 Generic Front Month) – 8.14.23 *The index successfully tested identified support at the 50dma (ref 4477) on Aug 10.  This level was then violated on Aug 11 with as low of 4459.  The overnight low so far heading into today’s cash session is 4465.  I would continue to focus on resistance at the

ES1 (SP500 Generic Front Month) – 8.10.23 *The index continued to trade as expected during yesterday’s session by testing resistance at the 10dma (ref 4543) with a high of 4536 and also testing support at the 50dma (ref 4467) with a low of 4478.  I have been focused on both of these levels as a