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

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: 6123.25 High Feb 7                  
  • PRICE: 6039.75 @ 14:41 GMT Feb 12 
  • SUP 1: 6014.00/5935.50 Low Feb 10 / 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 

Price action on Feb 3 in the S&P E-Minis contract 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 ‘24 high. Clearance of this hurdle would resume the primary uptrend. 

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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: 6123.25 High Feb 7                  
  • PRICE: 6039.75 @ 14:41 GMT Feb 12 
  • SUP 1: 6014.00/5935.50 Low Feb 10 / 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 

Price action on Feb 3 in the S&P E-Minis contract 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 ‘24 high. Clearance of this hurdle would resume the primary uptrend.