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E-MINI S&P (H2): Recovers From Today’s Earlier Low

  • RES 4: 4671.75 High Jan 18
  • RES 3: 4586.00 High Feb 2 and a key resistance
  • RES 2: 4468.03 50-day EMA
  • RES 1: 4418.75 High Mar 3
  • PRICE: 4314.50 @ 14:19 GMT Mar 7
  • SUP 1: 4227.50/4101.75 Low Feb 25 / Low Feb 24 and a bear trigger
  • 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 futures have recovered from today’s earlier low. The contract traded above the 20-day EMA at 4386.89 last Thursday. The failure to hold above this EMA however is a bearish development. Broader trend signals remain bearish and a deeper pullback would open the 4101.75 key support handle and bear trigger. Clearance of the 20-day EMA is required to suggest scope for further short-term gains and a test of the 50-day EMA at 4468.03.

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