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E-MINI S&P TECHS: (M4) Clears The 50-Day EMA

EQUITY TECHS
  • RES 4: 5400.00 Round number resistance
  • RES 3: 5285.00/5333.50 High Apr 10 / 1 and the bull trigger
  • RES 2: 5221.49 20-day EMA
  • RES 1: 5159.12 50-day EMA
  • PRICE: 5095.25 @ 07:24 BST Apr 16
  • SUP 1: 5081.25 Intraday low
  • SUP 2: 5100.00 Round number support
  • SUP 3: 5070.36 38.2% retracement of the Oct 27 ‘23 - Apr 1 bull leg
  • SUP 4: 5018.00 Low Feb 21

The trend condition in S&P E-Minis is unchanged and remains bullish. Yesterday’s move lower reinforces the current condition - the contract has traded through support at the 50-day EMA and this signals scope for a continuation lower near-term. Sights are on 5070.36 next, a Fibonacci retracement. Clearance of this level would open 5018.00, the Feb 21 low. Firm resistance is seen at 5221.49, the 20-day EMA.

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