Morning Insight - SPX/ES
9/3/2024 - Tuesday
Good Morning Traders,
I hope everyone is well-rested after the Labor Day weekend. As we kick off the week, be mindful of the red tag news scheduled for 10:00 a.m. EST, which could stir some market activity.
Currently, we're still within our two-week balance range, hovering right in the middle. This suggests more back-and-forth price action ahead, so it's crucial to stay vigilant.
Key levels to watch today:
Support: The 5618 to 5612 area is critical. If the price dips below the daily level at 5598, we could be in serious trouble.
Resistance: There's significant overhead resistance between 5650 and 5660. A breakout above 5661 to 5668 could push us higher, but be cautious as the weekly level I've highlighted continues to pose a challenge.
For a more detailed analysis of these levels and my early morning thoughts, make sure to watch the video below. As always, patience is key—this market has been in the same spot for over 10 trading sessions. Let’s stay sharp and conquer the markets!
Cheers
Ryan Bailey
VICI Trading Solutions
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