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E-MINI S&P (H3): Bounce Eases Bearish Pressure

  • RES 4: 4208.50 High Feb 2 and key resistance
  • RES 3: 4141.59 61.8% retracement of the Feb 2 - Mar 2 bear le
  • RES 2: 4100.20 61.8% retracement of the Feb 2 - Mar 2 bear leg
  • RES 1: 4082.50 High Mar 6
  • PRICE: 4057.25 @ 07:13 GMT Mar 7
  • SUP 1: 3974.00 Low Mar 3
  • SUP 2: 3925.00/3901.75 Low Mar 2 / Low Jan 19
  • SUP 3: 3787.62 76.4% retracement of the Dec 22 - Feb 2 bull cycle
  • SUP 4: 3819.00 Low Jan 6

S&P E-Minis trend conditions are bearish, however, the strong bounce late last week has eased bearish pressure. Note that the contract has traded above both the 20- and 50-day EMAs. An ability to hold on to its latest gains would signal scope for a recovery towards 4100.20, a Fibonacci retracement. On the downside, key support has been defined at 3925.00, the Mar 2 low. A break of this level would reinstate the recent bearish theme.

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