E-MINI S&P (H3): Recent Gains Considered Corrective

• RES 4: 4250.00 High Aug 26
• RES 3: 4194.25 High Sep 13 and a key resistance
• RES 2: 4043.00/4180.00 High Dec 15 / 13 and the bull trigger
• RES 1: 3946.36 50-day EMA
• PRICE: 3871.50 @ 13:56 GMT Dec 22
• SUP 1: 3778.45 61.8% retracement of the Oct 13 - Dec 13 uptrend
• SUP 2: 3735.00 Low Nov 3
• SUP 3: 3670.00 76.4% retracement of the Oct 13 - Dec 13 uptrend
• SUP 4: 3735.00 Low Oct 21

S&P E-Minis trend signals are bearish and this week’s low print reinforces this condition. The contract has recovered from its recent lows. The move higher is considered corrective and attention is on 3946.36, the 50-day EMA. A clear break of this hurdle is required to suggest potential for a stronger recovery. On the downside, a reversal lower and a break of 3803.50, the Dec 20 low, would confirm a resumption of the downtrend.