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MNI BRIEF: China Electricity Demand Up In February

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EQUITY TECHS: E-MINI S&P: (H5) Pierces Support

EQUITY TECHS
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  • RES 4: 6205.38 0.764 proj of the Jan 13 - 24 - Feb 3 price swing     
  • RES 3: 6200.00 Round number resistance 
  • RES 2: 6178.75 High Dec 6 and key resistance
  • RES 1: 6069.41/6166.50 20-day EMA / High Jan 24                 
  • PRICE: 5980.00 @ 14:35 GMT Feb 26 
  • SUP 1: 5924.00 Low Feb 25             
  • 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 reversal trigger  

The latest move down in S&P E-Minis appears corrective, however, price has breached support at 6014.00, the Feb 10 low. This exposed a key support at 5935.50, the Feb 3 low, that was pierced on Tuesday. A clear break of it would allow for a deeper retracement. MA studies are in a bull-mode condition that suggests the trend direction remains up. A resumption of gains would refocus attention on key resistance at 6178.75, the Dec 6 ‘24 high.

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  • RES 4: 6205.38 0.764 proj of the Jan 13 - 24 - Feb 3 price swing     
  • RES 3: 6200.00 Round number resistance 
  • RES 2: 6178.75 High Dec 6 and key resistance
  • RES 1: 6069.41/6166.50 20-day EMA / High Jan 24                 
  • PRICE: 5980.00 @ 14:35 GMT Feb 26 
  • SUP 1: 5924.00 Low Feb 25             
  • 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 reversal trigger  

The latest move down in S&P E-Minis appears corrective, however, price has breached support at 6014.00, the Feb 10 low. This exposed a key support at 5935.50, the Feb 3 low, that was pierced on Tuesday. A clear break of it would allow for a deeper retracement. MA studies are in a bull-mode condition that suggests the trend direction remains up. A resumption of gains would refocus attention on key resistance at 6178.75, the Dec 6 ‘24 high.