Free Trial

E-MINI S&P (U1): Dips Considered Corrective

EQUITY TECHS
  • RES 4: 4610.63 1.50 proj of Jun 21 - Jul 14 - 19 price swing
  • RES 3: 4600.00 Round number resistance
  • RES 2: 4580.21 1.382 proj of Jun 21 - Jul 14 - 19 price swing
  • RES 1: 4549.50 Intraday high
  • PRICE: 4529.25 @ 14:24 BST Sep 3
  • SUP 1: 4469.24 20-day EMA
  • SUP 2: 4395.06 50-day EMA
  • SUP 3: 4347.75 Low Aug 19 and the bear trigger
  • SUP 4: 4224.00 Low Jul 19 and key support

S&P E-minis are lower today following the NFP release. The outlook remains bullish though and recent gains confirm a resumption of the underlying uptrend. The contract's recovery from 4347.75, Aug 19 low means the 50-day EMA remains intact and this reinforces bullish conditions. The average intersects at 4395.06 and still represents a key trend support. A clear break of the EMA is required to signal a short-term reversal.

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.