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

EQUITY TECHS
  • 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: 3928.91 50-day EMA and a key resistance
  • PRICE: 38574.00 @ 07:18 GMT Dec 30
  • 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 remain bearish and recent low prints reinforce this condition. The contract is trading above its recent lows - for now. Short-term gains are considered corrective with resistance at 3928.91, the 50-day EMA. A clear break of this hurdle is required to suggest potential for a stronger recovery. On the downside, a break lower would confirm a resumption of the downtrend and open 3778.45, a Fibonacci retracement.

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