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E-MINI S&P TECHS: (H4) Pullback Cracks First Support

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: 4841.50 High Dec 28
  • PRICE: 4727.50 @ 08:26 GMT Jan 05
  • SUP 1: 4722.00 Low Jan 05
  • SUP 2: 4694.57 2.0% 10-dma Envelope
  • SUP 3: 4650.25 50-day EMA
  • SUP 4: 4594.00 Low Nov 30

The pullback off last week’s highs has now cracked first material support at the 20-day EMA of 4744.58, closing below the level into the Thursday close. A negative close Friday would be the sixth consecutive session of losses, opening 4694.57, the 2.0% 10-dma envelope, as first support. Last week’s fresh trend highs would come back into play on any sharper bounce, with sights on 4854.75 next, a Fibonacci projection.

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