January 23, 2023 07:07 GMT
E-MINI S&P (H3): Bear Threat Remains Present
EQUITY TECHS
- RES 4: 4194.25 High Sep 13
- RES 3: 4180.00 High Dec 13 and the bull trigger
- RES 2: 4090.75 High Dec 14
- RES 1: 4035.25 High Jan 18
- PRICE: 3986.75 @ 06:56 GMT Jan 23
- SUP 1: 3901.75/3891.50 Low Jan 19 / Low Jan 10
- SUP 2: 3788.50/78.45 Low Dec 22 / 61.8% of Oct 13-Dec 13 uptrend
- SUP 3: 3735.00 Low Nov 3
- SUP 4: 3670.00 76.4% retracement of the Oct 13 - Dec 13 uptrend
S&P E-Minis have found support at 3901.75, the Jan 19 low. A short-term bearish threat remains present following the pullback last week from 4035.25, the Jan 18 high. Price has traded through support at the 50-day EMA. The average intersects at 3933.04 and a clear break would highlight a potential bearish reversal and expose 3891.50, Jan 10 low. On the upside, the contract needs to clear 4035.25 to cancel any developing bearish threat.
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