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E-MINI S&P (M2): Approaching The 50-Day EMA

EQUITY TECHS
  • RES 4: 4800.00 High Apr 1 and the bull trigger
  • RES 3: 4730.50 High Jan 1
  • RES 2: 4663.50 High Jan 18
  • RES 1: 4633.44 76.4% retracement of the Jan 4 - Feb 24 downleg
  • PRICE: 4483.75 @ 14:31 BST Apr 6
  • SUP 1: 4452.75 50-day EMA
  • SUP 2: 4320.25 Low Mar 17
  • SUP 3: 4129.50/4094.25 Low Mar 15 / Low Feb 24 and a bear trigger
  • SUP 4: 4055.60 Low May 19 2021 (cont)
S&P E-Minis are trading lower today and have breached Monday’s low of 4501.25. The pullback is still considered corrective and key support is unchanged at the 50-day EMA, which intersects at 4452.75. A clear break of this average is needed to signal a top. The initial bull trigger is at 4633.44, 76.4% of the Jan 4 - Feb 24 downleg and just above the Mar 29 high. A break would confirm a resumption of the past month's uptrend.

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