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E-MINI S&P (H2): Approaching The 50-Day EMA

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: 4576.53 50-day EMA
  • PRICE: 4560.75 @ 06:59 GMT Feb 2
  • 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 higher. Gains though are still considered corrective. Price action in January resulted in a reversal of the moving average condition to bearish. This suggests that short-term gains are corrective. Two important resistance levels to watch are; 4522.38 (breached), the 20-day EMA and the more important 4576.53 level, the 50-day EMA. A decisive break of this resistance zone would suggest scope for a stronger reversal. A resumption of weakness would refocus attention on 4121.75

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Energy BulletsCommodities

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