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EQUITY TECHS: E-MINI S&P: (Z4) Trend Needle Points North

EQUITY TECHS
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  • RES 4: 6200.00 Round number resistance
  • RES 3: 6184.00 1.000 proj of the Nov 4 - 11 - 19 price swing   
  • RES 2: 6145.26 1.236 proj of the Aug 5 - Sep 3 - 6 price swing   
  • RES 1: 6111.00 High Dec 6 and the bull trigger       
  • PRICE: 6063.25 @ 15:26 GMT Dec 13
  • SUP 1: 6028.33 20-day EMA      
  • SUP 2: 5976.25/5936.16 Low Nov 26 / 50-day EMA 
  • SUP 3: 5855.00 Low Nov 19  
  • SUP 4: 5814.75 Low Nov 6

The S&P E-Minis contract remains bullish and the latest pullback is considered corrective. Recent gains confirm a resumption of the uptrend and signal scope for a continuation near-term. Note that moving average studies are in a bull-mode set-up, highlighting a dominant uptrend and positive market sentiment. A resumption of the uptrend would open 6145.26, a Fibonacci projection. Initial support to watch lies at 6028.33 the 20-day EMA.

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  • RES 4: 6200.00 Round number resistance
  • RES 3: 6184.00 1.000 proj of the Nov 4 - 11 - 19 price swing   
  • RES 2: 6145.26 1.236 proj of the Aug 5 - Sep 3 - 6 price swing   
  • RES 1: 6111.00 High Dec 6 and the bull trigger       
  • PRICE: 6063.25 @ 15:26 GMT Dec 13
  • SUP 1: 6028.33 20-day EMA      
  • SUP 2: 5976.25/5936.16 Low Nov 26 / 50-day EMA 
  • SUP 3: 5855.00 Low Nov 19  
  • SUP 4: 5814.75 Low Nov 6

The S&P E-Minis contract remains bullish and the latest pullback is considered corrective. Recent gains confirm a resumption of the uptrend and signal scope for a continuation near-term. Note that moving average studies are in a bull-mode set-up, highlighting a dominant uptrend and positive market sentiment. A resumption of the uptrend would open 6145.26, a Fibonacci projection. Initial support to watch lies at 6028.33 the 20-day EMA.