S&P500 E-mini Levels For 12/19/2024

$ES_F Analysis & Game Plan

Big Picture: Bias is Bullish, Market In Upward Channel From October 2023 Low, $VIX 20-25 (Mild Volatility)

• Today´s Pivot is 5998 (ESH25)

In the December 8 Sunday Post, I cautioned that market breadth had reached levels often seen before market turnarounds. I highlighted that this metric had hit similar levels back in July, after which the market experienced a pullback. Furthermore, in the December 9 Post and the previous Sunday Post, I warned that heightened investor optimism was increasing the risk of a reversal. Not surprisingly, the ES market sold off significantly yesterday, breaking below the daily 50 MA.