National Exuberance

key levels I'm watching on the /NQ and /ES

Nov 21, 2024

∙ Paid

In the face of this morning's surge, I wanted to mention a couple of things I'm watching carefully.

First up are the S&P 500 futures, the /ES. I believe the psychologically important 6,000 level is important, which is just a little above where I've drawn the red horizontal. This represents the base of the topping pattern at the left side of the chart. Should we exceed this, it damages the bear case, and the last meaningful level of resistance is the broken trendline.

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