Free Trial

E-MINI S&P (H2): Corrective Bounce Extends

EQUITY TECHS
  • RES 4: 4671.75 High Jan 18
  • RES 3: 4586.00 High Feb 2 and a key resistance
  • RES 2: 4491.21 50-day EMA
  • RES 1: 4415.92 20-day EMA
  • PRICE: 4373.50 @ 20:27 GMT Feb 25
  • SUP 1: 4101.75 Low Feb 24
  • SUP 2: 4055.60 Low May 19 2021 (cont)
  • SUP 3: 4029.25 Low May 13 2021 (cont)
  • SUP 4: 3990.50 0.764 proj of the Jan 4 - 24 - Feb 2 price swing

E-Mini S&P technical conditions are bearish however price remains above Thursday’s 4101.75 low and a corrective bounce extended Friday. S/T momentum studies highlight bullish divergence between price and momentum suggesting scope for corrective cycle higher. Note that Thursday was a hammer candle formation - a reversal signal. The next resistance is 4415.92, the 20-day EMA. Thursday’s low of 4101.75 is the bear trigger.

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.