S&P500 E-mini Levels For 12/9/2024

$ES_F Analysis & Game Plan

Big Picture: Bias is Bullish, Market At Upward Channel Resistance From October 2023 Low, $VIX Below 20 (complacency)

• Today´s Pivot is 6095

In the Sunday Post, I highlighted that market breadth (percent of S&P 500 Stocks trading above their daily 200 MA) has recently reached levels that often precede market turnarounds. Similarly, market sentiment remains highly Bullish and as illustrated in the chart below, the Euphoriameter hit a new all-time high in November. While this doesn’t mean the stock market can’t continue its upward momentum, it’s a signal to exercise caution. With investors and speculators displaying heightened optimism, the risk of a reversal may increase, emphasizing the need for disciplined risk management in this environment.

“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful” ―Warren Buffett