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EQUITY TECHS: E-MINI S&P: (H5) Continues To Trade Below Key Resistance

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: 6106.25 Intraday high                 
  • PRICE: 6101.00 @ 14:33 GMT Feb 6 
  • SUP 1: 6025.21/5935.50 50-day EMA / 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 

Monday’s initial sell-off in the S&P E-Minis contract and a breach of support at 5948.00, the Jan 27 low, continues to highlight a possible short-term reversal threat. If correct, it suggests that the latest bounce is a correction. A resumption of weakness would open 5892.37, a Fibonacci retracement point. On the upside, 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: 6106.25 Intraday high                 
  • PRICE: 6101.00 @ 14:33 GMT Feb 6 
  • SUP 1: 6025.21/5935.50 50-day EMA / 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 

Monday’s initial sell-off in the S&P E-Minis contract and a breach of support at 5948.00, the Jan 27 low, continues to highlight a possible short-term reversal threat. If correct, it suggests that the latest bounce is a correction. A resumption of weakness would open 5892.37, a Fibonacci retracement point. On the upside, a stronger rally would expose key resistance at 6178.75, the Dec 6 high.