Free Trial

E-MINI S&P TECHS: (M3) Watching Resistance

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: 4173.25/4206.25 High May 10 / 1
  • PRICE: 4143.50 @ 14:30 BST May 17
  • SUP 1: 4062.25 Low May 4 and key near-term support
  • 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 remain in consolidation mode. Price is trading above the 50-day EMA, which intersects at 4109.81. A resumption of gains would open key resistance and the bull trigger at 4206.25, the May 1 high. Clearance of this level would confirm an extension of the bull trend that started Mar 13. Key support has been defined at 4062.25, the May 4 low. A move through this level would instead highlight a bearish threat.

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.