April 24, 2024 13:44 GMT
E-MINI S&P TECHS: (M4) Approaching Resistance
EQUITY TECHS
- RES 4: 5285.00/5333.50 High Apr 10 / 1 and the bull trigger
- RES 3: 5213.25 High Apr 15
- RES 2: 5148.79 20-day EMA
- RES 1: 5136.32 50-day EMA
- PRICE: 5111.50 @ 14:33 BST Apr 24
- SUP 1: 4963.50 Low Apr 19
- SUP 2: 4907.57 50.0% retracement of the Oct 27 ‘23 - Apr 1 bull leg
- SUP 3: 4863.75 Low Jan 19
- SUP 4: 4799.50 Low Jan 17
The short-term trend condition in S&P E-Minis remains bearish and the latest recovery appears - for now - to be a correction. Last Friday’s bearish extension reinforced current short-term conditions. The contract has recently cleared the 50-day EMA, signalling scope for a continuation lower. Sights are on 4907.57 next, a Fibonacci retracement. Firm resistance is 5153.25, the 20-day EMA. A clear break of the average would signal a possible reversal.
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