Free Trial

E-MINI S&P (H2): Tests The 50-Day EMA

EQUITY TECHS
  • RES 4: 4808.25 All-time high on Jan 4
  • RES 3: 4739.50 High Jan 12
  • RES 2: 4671.75 High Jan 18
  • RES 1: 4576.53/4580.00 50-day EMA / Intraday high
  • PRICE: 4562.50 @ 14:15 GMT Feb 2
  • SUP 1: 4395.50 Low Jan 31
  • 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: 4126.75 Low Jun 21, 2021 (cont)

S&P E-minis have traded higher again today. Gains are still considered corrective. Price action in January resulted in a reversal of the moving average condition to bearish that suggests short-term gains are corrective. 4576.53, the 50-day EMA has been probed. A decisive break of this resistance would suggest scope for a stronger reversal. For bears, a resumption of weakness would refocus attention on 4121.75.

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.