S&P500 E-mini Levels For 4/21/2025

$ES_F Analysis & Game Plan

Big Picture: Bias is Bearish, Market In Downward Channel From February 2025 High, $VIX Above 30 (extreme volatility)

• Today´s Pivot is 5323

According to the analysis in the Sunday Post, major indices and many sectors are currently in a consolidation phase, yet they remain in broader downtrends. Bearish sentiment continues to dominate, and although volatility has stabilized somewhat, it remains elevated. Notably, the NAAIM Exposure Index fell to a 17-month low last week, reflecting reduced equity exposure by active investment managers. This relatively low allocation to US equities serves as a contrarian Bullish signal over the next 12 months. However, the index has not quite reached the extreme levels—though it's getting close—that have historically coincided with major market turnarounds. See chart below.

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Daily Chartbook

Market Analysis