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E-MINI S&P TECHS: (H4) Pullback Testing 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: 4752.00 @ 07:57 GMT Jan 04
  • SUP 1: 4748.77 20-day EMA
  • SUP 2: 4741.00 Low Jan 03
  • SUP 3: 4648.10 50-day EMA
  • SUP 4: 4594.00 Low Nov 30

The pullback off last week’s highs has now tested the first material support at the 20-day EMA of 4748.77, with prices stabilising above the mark headed through the Thursday open. While the level has been pierced on an intraday basis, a close below will be needed to accelerate any reversal, keeping the medium-term view more positive. Last week’s fresh trend highs reinforce current conditions, with sights on 4854.75 next, a Fibonacci projection.

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