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EQUITY TECHS: E-MINI S&P: (H5) Support Holds For Now

EQUITY TECHS
EquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets
  • RES 4: 6200.00 Round number resistance   
  • RES 3: 6178.75 High Dec 6 and key resistance  
  • RES 2: 6163.75 High Dec 16
  • RES 1: 6105.25/6162.28 High Jan 24 / 27             
  • PRICE: 6039.25 @ 14:41 GMT Jan 28 
  • SUP 1: 5961.75/5948.00 Low Jan 16 / 27        
  • SUP 2: 5943.94 61.8% retracement of the Jan 13 - 24 bull leg 
  • SUP 3: 5892.37 76.4% retracement of the Aug 5 - Dec 6 bull leg
  • SUP 4: 5809.00 Low Jan 13 and a key support 

The S&P E-Minis contract initially traded lower Monday extending the pullback from last Friday’s high. Key short-term support to watch lies at 5961.75, the Jan 16 low (pierced). For now, the move down appears corrective, however, a clear breach of 5961.75 would strengthen a bearish threat and signal scope for a deeper retracement, towards 5943.94, a Fibonacci retracement. Key resistance is 6178.75, the Dec 6 high.

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  • RES 4: 6200.00 Round number resistance   
  • RES 3: 6178.75 High Dec 6 and key resistance  
  • RES 2: 6163.75 High Dec 16
  • RES 1: 6105.25/6162.28 High Jan 24 / 27             
  • PRICE: 6039.25 @ 14:41 GMT Jan 28 
  • SUP 1: 5961.75/5948.00 Low Jan 16 / 27        
  • SUP 2: 5943.94 61.8% retracement of the Jan 13 - 24 bull leg 
  • SUP 3: 5892.37 76.4% retracement of the Aug 5 - Dec 6 bull leg
  • SUP 4: 5809.00 Low Jan 13 and a key support 

The S&P E-Minis contract initially traded lower Monday extending the pullback from last Friday’s high. Key short-term support to watch lies at 5961.75, the Jan 16 low (pierced). For now, the move down appears corrective, however, a clear breach of 5961.75 would strengthen a bearish threat and signal scope for a deeper retracement, towards 5943.94, a Fibonacci retracement. Key resistance is 6178.75, the Dec 6 high.