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EQUITY TECHS: E-MINI S&P: (H5) Monitoring Resistance At The 20-Day EMA

EQUITY TECHS
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  • RES 4: 6178.75 High Dec 6 and key resistance  
  • RES 3: 6163.75 High Dec 16    
  • RES 2: 6067.90 20-day EMA   
  • RES 1: 6050.75 High Dec 20       
  • PRICE: 5993.75 @ 14:21 GMT Dec 23
  • SUP 1: 5866.00 Low Dec 20       
  • SUP 2: 5811.65 38.2% retracement of the Aug 5 - Dec 6 bull leg  
  • SUP 3: 5784.00 Low Nov 4 
  • SUP 4: 5698.25 50.0% retracement of the Aug 5 - Dec 6 bull leg

A sell-off in the S&P E-Minis contract on Dec 18 highlights a S/T top and a corrective cycle. The move down resulted in a breach of the 20- and 50-day EMAs. A resumption of weakness would open 5811.65, 38.2% of the Aug 5 - Dec 6 bull leg. Support at 5921.00, Nov 19 low, has been pierced. A clear break of it would strengthen a bearish threat. Initial resistance is 6067.90, the 20-day EMA. A clear break of the EMA would be a bullish development.

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  • RES 4: 6178.75 High Dec 6 and key resistance  
  • RES 3: 6163.75 High Dec 16    
  • RES 2: 6067.90 20-day EMA   
  • RES 1: 6050.75 High Dec 20       
  • PRICE: 5993.75 @ 14:21 GMT Dec 23
  • SUP 1: 5866.00 Low Dec 20       
  • SUP 2: 5811.65 38.2% retracement of the Aug 5 - Dec 6 bull leg  
  • SUP 3: 5784.00 Low Nov 4 
  • SUP 4: 5698.25 50.0% retracement of the Aug 5 - Dec 6 bull leg

A sell-off in the S&P E-Minis contract on Dec 18 highlights a S/T top and a corrective cycle. The move down resulted in a breach of the 20- and 50-day EMAs. A resumption of weakness would open 5811.65, 38.2% of the Aug 5 - Dec 6 bull leg. Support at 5921.00, Nov 19 low, has been pierced. A clear break of it would strengthen a bearish threat. Initial resistance is 6067.90, the 20-day EMA. A clear break of the EMA would be a bullish development.