Free Trial

E-MINI S&P TECHS: (H4) Trend Needle Points North

EQUITY TECHS
  • RES 4: 5012.80 1.618 proj of Nov 10 - Dec 1 - 7 price swing
  • RES 3: 5000.00 Psychological round number
  • RES 2: 4982.62 1.50 proj of Nov 10 - Dec 1 - 7 price swing
  • RES 1: 4964.00 Intraday high
  • PRICE: 4931.50 @ 14:33 GMT Feb 02
  • SUP 1: 4862.80/4764.36 20- and 50-day EMA values
  • SUP 2: 4702.00 Low Jan 5
  • SUP 3: 4594.00 Low Nov 30
  • SUP 4: 4550.75 Low Nov 16

A broader uptrend in S&P E-Minis remains intact and the recent pullback has proved to be a correction. This week’s fresh cycle highs, reinforce current trend conditions. Note too that moving average studies remain in a bull-mode condition, highlighting positive market sentiment. A resumption of gains would open 4982.62 next, a Fibonacci projection. Initial support to watch lies at 4862.80, the 20-day EMA. Key support is 4764.36, the 50-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.