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E-MINI S&P (H3): Trend Needle Points North

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: 4043.00 High Dec 15
  • PRICE: 4018.25 @ 07:00 GMT Jan 18
  • SUP 1: 3891.50 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 are trading at their recent highs and conditions remain bullish. The contract has cleared resistance at the 50-day EMA and this has strengthened the short-term bullish condition. Price has also traded above the 4000.00 handle to open 4043.00 next, the Dec 15 high. Key support and the bear trigger has been defined at 3788.50, the Dec 22 low. A reversal lower and a break of this support would resume bearish activity.

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