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EQUITY TECHS: E-MINI S&P: (H5) Bearish Threat

EQUITY TECHS
EquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets
  • RES 4: 6162.28 High Jan 24 and a key resistance    
  • RES 3: 6057.75 Low Jan 31 and a gap high on the daily chart 
  • RES 2: 6021.01 50-day EMA 
  • RES 1: 5988.75 Intraday high              
  • PRICE: 5984.50 @ 14:39 GMT Feb 3 
  • SUP 1: 5935.50 Intraday low          
  • 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 has started the week on a bearish note. The gap lower today 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 6057.75, the Jan 31 low and a gap high on the daily chart. Clearance of this level would reinstate a bullish theme.

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  • RES 4: 6162.28 High Jan 24 and a key resistance    
  • RES 3: 6057.75 Low Jan 31 and a gap high on the daily chart 
  • RES 2: 6021.01 50-day EMA 
  • RES 1: 5988.75 Intraday high              
  • PRICE: 5984.50 @ 14:39 GMT Feb 3 
  • SUP 1: 5935.50 Intraday low          
  • 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 has started the week on a bearish note. The gap lower today 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 6057.75, the Jan 31 low and a gap high on the daily chart. Clearance of this level would reinstate a bullish theme.