Free Trial

E-MINI S&P (H2): Finds Support Below The 50-Day EMA

  • RES 4: 4900.00 Round number resistance
  • RES 3: 4854.19 0.764 proj of the Oct 1 - Nov 22 - Dec 3 price swing
  • RES 2: 4808.25 High Jan 4 and the bull trigger
  • RES 1: 4715.75 High Jan 6
  • PRICE: 4640.00 @ 15:03 GMT Jan 11
  • SUP 1: 4572.75 Low Jan 10
  • SUP 2: 4565.75 Low Dec 21
  • SUP 3: 4520.25 Low Dec 20 and a key support
  • SUP 4: 4485.75 Low Dec 3

S&P E-minis traded sharply lower yesterday before rebounding and retracing almost all of yesterday’s sell-off. The break below the 50-day EMA is a bearish development however, the fact that support has been found below it also highlights a potential reversal. Yesterday's candle pattern is a hammer - a bullish signal. Bulls will be watching support at 4572, 75, yesterday’s low and initial resistance at 4715.75, Jan 6 high.

To read the full story



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.