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E-MINI S&P (Z1): Lower But Still Above The 50-Day EMA

EQUITY TECHS
  • RES 4: 4539.50 High Sep 3 and the bull trigger
  • RES 1: 4519.75 High Sep 9
  • RES 3: 4478.50 High Sep 16
  • RES 1: 4455.00 High Sep 23
  • PRICE: 4415.25 @ 07:09 BST Sep 24
  • SUP 1: 4293.75 Low Sep 20 and the bear trigger
  • SUP 2: 4243.50 Low Jul 20
  • SUP 3: 4214.50 Low Jul 19 and a key support
  • SUP 4: 4117.00 Low Jun 21

S&P E-minis traded higher yesterday, extending the reversal of Monday's sharp sell-off and the bounce from that day's 4293.75 low. The contract has cleared a key short-term resistance at 4418.00, Sep 20 high. The break suggests the tide has turned and signals scope for a stronger recovery. Note too that the price is back above the 50-day day EMA and this is a positive development. 4293.75 remains the key support and is the bear trigger.

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