E-MINI S&P (H3): North of Last Week’s Highs

• 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: 4051.00 High Jan 23
• PRICE: 4043.25 @ 16:55 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 and recovered solidly. The short-term bearish threat remains present, but for now markets continue to press high in a possible corrective recovery. A close above the 4035.25 level would work against the bearish threat, and open gains toward 4090.75 - last seen in mid-December. To the downside, 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, the Jan 10 low.