Free Trial

E-MINI S&P TECHS: (H4) Corrective Pullback

EQUITY TECHS
  • RES 4: 4915.11 1.236 proj of Nov 10 - Dec 1 - 7 price swing
  • RES 3: 4900.00 Round number resistance
  • RES 2: 4854.75 1.00 proj of Nov 10 - Dec 1 - 7 price swing
  • RES 1: 4830.75 High Dec 20
  • PRICE: 4769.75 @ 07:14 GMT Dec 21
  • SUP 1: 4743.25 Low Dec 20
  • SUP 2: 4681.74 20-day EMA
  • SUP 3: 4594.00 Low Nov 30
  • SUP 4: 4583.18 50-day EMA

A bullish theme in S&P e-minis remains intact and yesterday’s abrupt sell-off appears to be a correction - for now. This week’s fresh trend highs, confirm once again a resumption of the uptrend that started Oct 27. The contract has recently cleared resistance at 4738.50, the Jul 27 high, reinforcing current positive trend conditions. Sights are on 4854.75 next, a Fibonacci projection. On the downside, initial firm support lies at 4681.74, the 20-day EMA.

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.