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E-MINI S&P (H2): Consolidating

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: 4565.55/4586.00 50-day EMA / High Feb 2
  • PRICE: 4469.75 @ 14:15 GMT Feb 8
  • 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 4565.55 today and represents a key resistance. For bulls, a clear break of the EMA is required to suggest scope for a stronger rally that would open 4671.75 initially, 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 short-term bear trigger.

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