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E-MINI S&P: (H5) Pierces Resistance At The 50-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: 6068.25/6107.50 High Jan 6 / High Dec 26 
  • RES 1: 6035.50 61.8% retracement of the Dec 6 - Jan 13 bear leg           
  • PRICE: 5996.25 @ 19:38 GMT Jan 15 
  • SUP 1: 5809.00 Low Jan 13        
  • SUP 2: 5784.00 Low Nov 4 
  • SUP 3: 5698.25 50.0% retracement of the Aug 5 - Dec 6 bull leg
  • SUP 4: 5658.00 Low Sep 12 ‘24

A bear threat in the S&P E-Minis contract remains present. However, today’s gains have resulted in a print above resistance at 5987.43, the 50-day EMA. The average marks an important short-term pivot level and a clear break of it would signal a possible reversal. This would open 6107.50, the Dec 26 high. Key short-term support has been defined at 5809.00, the Jan 13 low. A breach of this level would confirm a resumption of the downtrend.

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  • RES 4: 6178.75 High Dec 6 and key resistance   
  • RES 3: 6163.75 High Dec 16  
  • RES 2: 6068.25/6107.50 High Jan 6 / High Dec 26 
  • RES 1: 6035.50 61.8% retracement of the Dec 6 - Jan 13 bear leg           
  • PRICE: 5996.25 @ 19:38 GMT Jan 15 
  • SUP 1: 5809.00 Low Jan 13        
  • SUP 2: 5784.00 Low Nov 4 
  • SUP 3: 5698.25 50.0% retracement of the Aug 5 - Dec 6 bull leg
  • SUP 4: 5658.00 Low Sep 12 ‘24

A bear threat in the S&P E-Minis contract remains present. However, today’s gains have resulted in a print above resistance at 5987.43, the 50-day EMA. The average marks an important short-term pivot level and a clear break of it would signal a possible reversal. This would open 6107.50, the Dec 26 high. Key short-term support has been defined at 5809.00, the Jan 13 low. A breach of this level would confirm a resumption of the downtrend.