Free Trial

E-MINI S&P TECHS: (H4) Bullish to Bullish

EQUITY TECHS
  • RES 4: 5170.86 2.236 proj of Nov 10 - Dec 1 - 7 price swing
  • RES 3: 5164.18 3.0% Bollinger Band
  • RES 2: 5133.48 2.0% 10-dma envelope
  • RES 1: 5123.50 High Feb 23 and bull trigger
  • PRICE: 5102.00 @ 16:49 GMT Feb 23
  • SUP 1: 4992.83 20-day EMA
  • SUP 2: 4866.000/4841.20 Low Jan 31 / 50-day EMA
  • SUP 3: 4702.00 Low Jan 5
  • SUP 4: 4594.00 Low Nov 30

The trend condition in S&P E-Minis is resolutely bullish, with the upside trigger at 5066.50 giving way to new highs at 5123.50 this week. This erases the pullback off last week’s highs, confirming all S/T weakness as corrective. Support to watch lies at 4992.83, the 20-day EMA. A clear break of this average would suggest potential for a deeper retracement, possibly towards the 4866.00 key support, the Jan 31 low. The trigger for a resumption of gains is 5123.50, ahead of vol-band based resistance at 5133.48.

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.