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E-MINI S&P (M2): Gains Considered Corrective

  • RES 4: 4663.50 High Jan 18
  • RES 3: 4631.00 High Mar 29 and a key resistance
  • RES 2: 4588.75 High Apr 5
  • RES 1: 4519.75 High Apr 8
  • PRICE: 4475.50 @ 14:28 BST Apr 20
  • SUP 1: 4355.50 Low Apr 18
  • SUP 2: 4321.07 61.8% retracement of the Mar 15 - Mar 29 rally
  • SUP 3: 4247.89 76.4% retracement of the Mar 15 - Mar 29 rally
  • SUP 4: 4129.50 Low Mar 15

The S&P E-Minis short-term condition remains bearish despite this week’s gains - a corrective bounce. The contract recently traded through its 50-day EMA, which intersects at 4447.32, and this has reinforced a bearish threat. The move below 4400.00 signals scope for weakness towards 4321.07 next, a Fibonacci retracement. Initial firm resistance has been established at 4519.75, the Apr 8 high A break would ease the bearish threat.

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