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E-MINI S&P TECHS: (M3) Bear Cycle Extends

EQUITY TECHS
  • RES 4: 4223.00 High Feb 14
  • RES 3: 4198.25/205.50 High Apr 18 and key resistance / High Feb 16
  • RES 2: 4164.25 High Apr 24
  • RES 1: 4120.83 20-day EMA
  • PRICE: 4087.25 @ 06:15 BST Apr 27
  • SUP 1: 4061.11 38.2% retracement of the Mar 13 - Apr 18 bull leg
  • SUP 2: 4052.50 Low Mar 30
  • SUP 3: 4018.75 50.0% retracement of the Mar 13 - Apr 18 bull leg
  • SUP 4: 4000.00 Round number support

A strong sell-off in S&P E-minis this week has resulted in a break below both the 20- and 50-day EMAs. The break of the 50-day EMA strengthens short-term bearish conditions and signals scope for an extension lower, towards 4061.11 next and 4018.75, Fibonacci retracement points. On the upside, the 20-day EMA at 4120.83 marks initial resistance, a clear break above this EMA would ease bearish pressure.

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