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E-MINI S&P (M2): Holding Onto This Weeks Gains

EQUITY TECHS
  • RES 4: 4730.50 High Jan 1
  • RES 3: 4663.50 High Jan 18
  • RES 2: 4578.50 High Feb 9 and a key resistance
  • RES 1: 4514.75 High Mar 22
  • PRICE: 4509.25 @ 06:56 GMT Mar 23
  • SUP 1: 4352.15 20-day EMA
  • SUP 2: 4129.50/4094.25 Low Mar 15 / Low Feb 24 and a bear trigger
  • SUP 3: 4055.60 Low May 19 2021 (cont)
  • SUP 4: 4029.25 Low May 13 2021 (cont)

The primary trend in the S&P E-Minis remains bearish, however, the contract continues to trade higher and maintains a bullish tone following last week’s gains and this week’s follow through. The contract has cleared both the 20-day EMA and late last week, the 50-day EMA. The breach of the latter average is an important S/T bullish development and an extension would open 4578.50, the Feb 9 high. Initial support is at 4352.15, the 20-day EMA.

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