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E-MINI S&P (H2): Remains Vulnerable

EQUITY TECHS
  • RES 4: 4739.50 High Jan 12
  • RES 3: 4671.75 High Jan 18
  • RES 2: 4586.00 High Feb 2 and a near-term bull trigger
  • RES 1: 4484.50 High Feb 16
  • PRICE: 4332.25 @ 14:04 GMT Feb 23
  • SUP 1: 4250.00 Low Feb 22
  • 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: 4131.04 0.764 proj of the Jan 4 - 24 - Feb 2 price swing

E-Mini S&P technical conditions remain bearish and the contract traded lower Tuesday. The moving average set-up continues to suggest that the broader path of least resistance remains down. The focus is on this year’s low of 4212.75 on Jan 24. For bulls, a clear break of the 50-day EMA - at 4519.72 - is still required to suggest scope for a stronger recovery. Until then, a bearish threat remains present.

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