Free Trial

E-MINI S&P (M2): Outlook Remains Bearish

EQUITY TECHS
  • RES 4: 4730.50 High Jan 1
  • RES 3: 4663.50 High Jan 18
  • RES 2: 4631.00 High Mar 29 and a key resistance
  • RES 1: 4519.75/4588.75 High Apr 8 / High Apr 5
  • PRICE: 4430.00 @ 14:56 BST Apr 14
  • SUP 1: 4362.63 50.0% retracement of the Feb 24 - Mar 29 rally
  • SUP 2: 4499.29 61.8% retracement of the Feb 24 - Mar 29 rally
  • SUP 3: 4239.00 Low Mar 16
  • SUP 4: 4220.92 76.4% retracement of the Feb 24 - Mar 29 rally

The S&P E-Minis short-term condition remains bearish and near-term gains are considered corrective. The contract has this week traded below the 50-day EMA, which intersects at 4451.78 today, and this has reinforced a bearish threat. The move below 4400.00 signals scope for weakness towards 4362.63 next, a Fibonacci retracement. Initial firm resistance has been established at 4519.75, Apr 8 high A break would ease the bearish threat.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.