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 […]
Friday, February 2, 2024 Read More »
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
Tuesday, January 23, 2024 Read More »
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
Friday, October 6, 2023 Read More »
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
Thursday, August 17th – Scotiabank Sector Flash: Homebuilders Read More »
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
Thursday, August 17th Chart Read More »
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
Wednesday, August 16th Chart Read More »
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
Tuesday, August 15th Chart Read More »
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
Monday, August 14th Chart Read More »
