Free Trial

E-MINI S&P TECHS: (M3) Breaches Support At The 50-Day EMA

EQUITY TECHS
  • RES 4: 4288.00 High Aug 19 2022
  • RES 3: 4244.00 High Feb 2 and a medium-term bull trigger
  • RES 2: 4223.00 High Feb 14
  • RES 1: 4127.43/4206.25 20-day EMA / High May 1
  • PRICE: 4093.75 @ 08:03 BST May 5
  • SUP 1: 4062.25 Low May 4
  • SUP 2: 4052.50 Low Mar 30
  • SUP 3: 4022.75 50.0% retracement of the Mar 13 - May 1 bull leg
  • SUP 4: 4006.00 Low Mar 29

S&P E-minis traded lower Thursday. This week’s move lower has resulted in a breach of both the 20- and 50-day EMAs. Furthermore, the contract has pierced a key support at 4068.75, the Apr 26 low. This highlights a bearish threat and a continuation lower would open 4022.75, the 50.0% retracement of the Mar 13 - May 1 bull leg. Key resistance is far off at 4206.25, the May 1 high.

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.