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E-Mini S&P Reversal Threat?

EQUITY TECHS

A sharp sell-off in the E-minis S&P Wednesday highlights the first significant threat to the bullish cycle that has been in place since early November. The key technical developments that warn of a top are:

  • A clear breach of the 20-day EMA yesterday at 3706.50. The close below this average Wednesday reinforces the short-term significance of the break.
  • Support at 3740.50, Jan 19 low has also been breached.
  • This leaves the 50-day EMA exposed. The average intersects at 3699.29 and represents an important support area today. A break would strengthen a bearish case.
  • It could also be argued that Wednesday's candle pattern is a bearish engulfing reversal.

Yesterday's MNI Markets Analysis E-Mini S&P Reversaldiscusses the technical developments in detail together with charts.
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