Charts

ES1 (SP500 Generic Front Month) – 8.3.23 *In the last report on 8.1.23 (was off desk yesterday) I noted that the index was churning within a support/resistance range of 4550/4630.  The index was churning in this range with “fading volume and flat to negative momentum (M1, M2)”.  I also stated at that time that “I […]

ES1 (SP500 Generic Front Month) – 8.1.23 *As mentioned in yesterday’s note the Index seems to be stuck in a short term support/resistance range of 4550/4630.  Since hitting a recent high of 4634 on Jul 27, the index has churned with fading volume and flat to negative momentum (M1, M2).  The Index seems to be

ES1 (SP500 Generic Front Month) – 7.31.23 The lows for 5 of the last 7 sessions ranged from 4550 to 4560 creating solid short term trading support.  Additionally, we remain unable to breakout above our 4631 resistance level with negative momentum (M1, M2).  All said, I would focus on the support/resistance range of 4550/4630 as

ES1 (SP500 Generic Front Month) – 7.28.23 In the last report on Jul 20 (took some time off for vacation), with the Index at ~4600, I stated that “I think the Index could easily take a breather here and test the 10dma (ref 4526) which is ~1.5% below the current Index price”. On Jul 24

ES1 (SP500 Generic Front Month) – 7.20.23 *The Index hit a high during yesterday’s session of 4609 just shy of the next upside target of 4631.  Momentum (M1, M2), although somewhat extended, continues to improve and confirm that overall the move higher remains in place.  That said, I think the Index could easily take a

What you need to know ES1 (SP500 Generic Front Month) – 7.19.23 *As I stated yesterday morning, “as price remains above this previous resistance level (4500) and as momentum (M1, M2) holds/expands, additional upside is expected”.  We did indeed see more upside during yesterday’s session as the Index rallied close to 1% and achieved our

What you need to know ES1 (SP500 Generic Front Month) – 7.18.23 *The Index continues to work higher towards the current upside target of 4586.  To recap, 4500 remains a major level within this move (76.4% retracement level) and I am sure we will discuss it again.  For now, as price remains above this previous

What you need to know ES1 (SP500 Generic Front Month) – 7.14.23 On Wednesday I posed the question, would “C” prove to be the third fade from resistance at 4500 or would the Index breakout to the upside?  I have clearly been of the opinion that the Index would not be able to breakout higher

What you need to know ES1 (SP500 Generic Front Month) – 7.12.23 *I realize how monotonous the last few weeks of reports have been.  I have continued to repeat a few major points. – First, 4500 was our ultimate upside target for the rally/breakout above 4200 back in the beginning of June. Also, the 4500

What you need to know ES1 (SP500 Generic Front Month) – 7.11.23 *As the Index tested long term resistance at 4500 for the second time (B) on Jun30/Jul3 three downside targets were identified.  The 10dma (ref 4450), 4400 and 4300.  The low for the current retracement is 4411.  With that, the first downside target (10dma)