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EQUITY TECHS: E-MINI S&P: (H5) Short-Term Reversal

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: 6089.68 20-day EMA   
  • RES 1: 6011.85 50-day EMA       
  • PRICE: 5984.50 @ 14:38 GMT Dec 19
  • SUP 1: 5906.50 Intraday low       
  • SUP 2: 5876.25 Low Nov 6   
  • SUP 3: 5811.65 38.2% retracement of the Aug 5 - Dec 6 bull leg  
  • SUP 4: 5784.00 Low Nov 4 

A sharp sell-off in the S&P E-Minis contract yesterday highlights a possible short-term top. The move down has resulted in a breach of both the 20- and 50-day EMAs. A continuation lower would open 5811.65, a Fibonacci retracement level. Note that support at 5921.00, the Nov 19 low, has been pierced. A clear break of this level would strengthen a bearish threat. Initial resistance is at 6011.85, the 50-day EMA.

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  • RES 4: 6178.75 High Dec 6 and key resistance  
  • RES 3: 6163.75 High Dec 16    
  • RES 2: 6089.68 20-day EMA   
  • RES 1: 6011.85 50-day EMA       
  • PRICE: 5984.50 @ 14:38 GMT Dec 19
  • SUP 1: 5906.50 Intraday low       
  • SUP 2: 5876.25 Low Nov 6   
  • SUP 3: 5811.65 38.2% retracement of the Aug 5 - Dec 6 bull leg  
  • SUP 4: 5784.00 Low Nov 4 

A sharp sell-off in the S&P E-Minis contract yesterday highlights a possible short-term top. The move down has resulted in a breach of both the 20- and 50-day EMAs. A continuation lower would open 5811.65, a Fibonacci retracement level. Note that support at 5921.00, the Nov 19 low, has been pierced. A clear break of this level would strengthen a bearish threat. Initial resistance is at 6011.85, the 50-day EMA.