Free Trial

E-MINI S&P TECHS: (M4) Corrective Bear Cycle Still In Play

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: 5164.38 20-day EMA
  • RES 1: 5095.25/5141.21 High Apr 18 / 50-day EMA
  • PRICE: 5025.75 @ 14:31 BST Apr 22
  • 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 is unchanged and remains bearish. Friday’s extension reinforces current short-term conditions. The contract has cleared support at the 50-day EMA, signalling scope for a continuation lower near-term. Sights are on 4907.57 next, a Fibonacci retracement. Firm resistance is seen at 5164.38, the 20-day EMA. A clear break of the average would signal a possible reversal.

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.