Free Trial

E-MINI S&P (H2): 50-Day EMA Is Still A Key Pivot resistance

EQUITY TECHS
  • RES 4: 4808.25 All-time high on Jan 4
  • RES 3: 4739.50 High Jan 12
  • RES 2: 4671.75 High Jan 18
  • RES 1: 4569.21/4586.00 50-day EMA / High Feb 2
  • PRICE: 4497.00 @ 14:15 GMT Feb 7
  • SUP 1: 4395.50 Low Jan 31
  • SUP 2: 4212.75 Low Jan 24 and the bear trigger
  • SUP 3: 4186.57 23.6% of the Mar ‘20 - Jan ‘22 major rally
  • SUP 4: 4126.75 Low Jun 21, 2021 (cont)

S&P E-minis continue to trade below recent highs. Attention remains on the 50-day EMA that intersects at 4572.34 today. For bulls, a clear break of the EMA is required to suggest scope for a stronger rally that would open 4671.75 initially, the Jan 18 high. On the downside, a stronger bearish reversal would instead refocus attention on the 4212.75 low from Jan 24. This remains the key bear trigger for a resumption of bearish activity.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.