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EQUITY TECHS: E-MINI S&P: (H5) Bear Threat Remains Present 

EQUITY TECHS
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  • RES 4: 6178.75 High Dec 6 and key resistance    
  • RES 3: 6162.25 High Jan 24 
  • RES 2: 6147.75 High Jan 31 
  • RES 1: 6069.00 High Feb 3                
  • PRICE: 6030.25 @ 14:44 GMT Feb 4 
  • SUP 1: 5935.50 Low Feb 3           
  • SUP 2: 5892.37 76.4% retracement of the Aug 5 - Dec 6 bull leg
  • SUP 3: 5842.50 Low Jan 14 
  • SUP 4: 5809.00 Low Jan 13 and a key resistance 

The S&P E-Minis contract started the week on a bearish note. The gap lower Monday and a breach of support at 5948.00, the Jan 27 low, strengthens a bearish threat and cancels - for now - a recent bullish theme. An extension down would open 5892.37, a Fibonacci retracement point. Initial resistance is at 6069.00, today’s intraday high. Gains are considered corrective, however, a stronger rally would expose key resistance at 6178.75, the Dec 6 high.

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  • RES 4: 6178.75 High Dec 6 and key resistance    
  • RES 3: 6162.25 High Jan 24 
  • RES 2: 6147.75 High Jan 31 
  • RES 1: 6069.00 High Feb 3                
  • PRICE: 6030.25 @ 14:44 GMT Feb 4 
  • SUP 1: 5935.50 Low Feb 3           
  • SUP 2: 5892.37 76.4% retracement of the Aug 5 - Dec 6 bull leg
  • SUP 3: 5842.50 Low Jan 14 
  • SUP 4: 5809.00 Low Jan 13 and a key resistance 

The S&P E-Minis contract started the week on a bearish note. The gap lower Monday and a breach of support at 5948.00, the Jan 27 low, strengthens a bearish threat and cancels - for now - a recent bullish theme. An extension down would open 5892.37, a Fibonacci retracement point. Initial resistance is at 6069.00, today’s intraday high. Gains are considered corrective, however, a stronger rally would expose key resistance at 6178.75, the Dec 6 high.