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CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

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E-MINI S&P (M2): Testing Its 50-Day EMA

EQUITY TECHS
  • RES 4: 4730.50 High Jan 1
  • RES 3: 4663.50 High Jan 18
  • RES 2: 4633.44 76.4% retracement of the Jan 4 - Feb 24 downleg
  • RES 1: 4588.75 High Apr 5
  • PRICE: 4465.75 @ 14:17 BST Apr 7
  • SUP 1: 4453.65/4444.50 50-day EMA / Low Apr 6
  • SUP 2: 4425.96 38.2% retracement of the Feb 24 - Mar 29 rally
  • SUP 3: 4400.00 Round number support
  • SUP 4: 4363.85 50.0% retracement of the Feb 24 - Mar 29 rally

S&P E-Minis traded lower Wednesday. The contract has arrived at its key support area - the 50-day EMA. This average intersects at 4453.65 and marks a key pivot level. A clear break would strengthen a bearish case and allow for a deeper pullback that would open 4425.96 initially, a Fibonacci retracement. On the upside, a resumption of gains and an ability to remain above the 50-day EMA would be seen as a bullish development.

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