ES Testing Resistance, Eye On VIX

Good Tuesday Morning, MPTraders!  September 10, 2024-- Pre-Market Update:  Tonight, the presidential debate... Wednesday AM, CPI... Wednesday AM, NVDA CEO Jensen Huang speaks at the Goldman Sachs AI Conference... Thursday AM, CPI... 

ES has clawed its way up to test yesterday's high at 5493 (see my attached 15 minute and 4 hour ES charts), but looks poised for upside continuation to challenge 5500, which will represent the Fibonacci 76% recovery of Friday's entire post-Jobs Report plunge from 5532.50 to 5394. A sustained hurdle of 5500 will point ES toward a full-fledged challenge of consequential resistance from 5532 to 5565.

 Conversely, the inability of ES to navigate into or above 5493-5500, followed by a downside reversal will increase the likelihood that a counter-trend recovery rally from Friday's low at 5394 is complete, and that a ES is rolling over into another bout of weakness that argues for a retest of last Friday's low-zone from 5405 to 5395... Last is 5492.00...

Finally, Cash VIX has pressed to probe key nearest-term support at 1880 to 19.30, which must contain the weakness to avert downside continuation to test 18.00-- the final support plateau of last weeks VIX up-spike from 14.78 to 23.81... Last is 19.32...