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E-MINI S&P (H2): Last Week’s Low Remains Intact

  • RES 4: 4739.50 High Jan 12
  • RES 3: 4671.75 High Jan 18
  • RES 2: 4581.19 50-day EMA
  • RES 1: 4446.25/4485.75 High Jan 26 / Low Dec 3
  • PRICE: 4414.75 @ 14:29 GMT Jan 31
  • SUP 1: 4212.75 Low Jan 24 and the bear trigger
  • SUP 2: 4200.00 Round number support
  • 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 are firmer and have managed to remain above last Monday’s low of 4212.75. Last week’s price action has allowed the recent oversold reading to unwind. Initial resistance to watch is 4446.25, Jan 26 high. The trigger for a resumption of bearish activity is 4212.75 low. Price action is likely to remain choppy near-term. However from a trend perspective, the short-term direction remains down.

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