Free Trial

E-MINI S&P (M1): Holding Onto Gains

EQUITY TECHS
  • RES 4: 4280.65 3.0% 10-dma envelope
  • RES 3: 4239.26 1.764 proj of the Feb 1 - Feb 16 - Mar 4 price swing
  • RES 2: 4238.25 High May 10 and the bull trigger
  • RES 1: 4185.50 High May 12
  • PRICE: 4171.25 @ 06:43 BST May 18
  • SUP 1: 4105.25 Low May 14
  • SUP 2: 4029.25 Low May 13 and key short-term support
  • SUP 3: 4021.00 Low Apr 5
  • SUP 4: 3937.12 100-dma

S&P E-minis are holding onto recent gains and remain above last week's low of 4029.25. This level represents a key S/T support where a break is required to signal scope for a deeper pullback. The strong recovery from last week's low also highlights the importance of the 50-day EMA as a trend support - price traded below the average but failed to confirm a clear break. Attention is on this year's high and the bull trigger of 4238.25.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.