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Corrective Pullback


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Primary Trend Remains Down

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  • RES 4: 4542.58 1.236 proj of Jun 21 - Jul 14 - 19 price swing
  • RES 3: 4500.00 Round number resistance
  • RES 2: 4481 75.1.00 proj of Jun 21 - Jul 14 - 19 price swing
  • RES 1: 4433.25 High Jul 29
  • PRICE: 4429.40 @ 16:27 BST Aug 08
  • SUP 1: 4348.92 20-day EMA
  • SUP 2: 4276.18/4224.00 50-day EMA / Low Jul 19 and key support
  • SUP 3: 4126.75 Low Jun 21
  • SUP 4: 4046.00 Low May 19

S&P E-minis outlook is bullish as evidence of dip buying remains solid on intraday pullbacks. Recent gains have confirmed a resumption of the uptrend and signal scope for a continuation near-term. The contract recently found support at the 50-day EMA - this EMA represents an important support and the bounce from it is bullish. The focus is on 4481.75 next, a Fibonacci projection. Key support is 4224.00, Jul 19 low.

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