April 18, 2024 13:41 GMT
E-MINI S&P TECHS: (M4) Retracement Mode
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: 5195.21 20-day EMA
- RES 1: 5150.82 50-day EMA
- PRICE: 5073.25 @ 14:28 BST Apr 18
- SUP 1: 5070.36 38.2% retracement of the Oct 27 ‘23 - Apr 1 bull leg
- SUP 2: 5018.00 Low Feb 21
- SUP 3: 4994.25 Low Feb 13
- SUP 4: 4907.57 50.0% retracement of the Oct 27 ‘23 - Apr 1 bull leg
The short-term trend condition in S&P E-Minis is unchanged and remains bearish with price trading closer to this week’s lows. The contract has cleared support at the 50-day EMA, signalling scope for a continuation lower near-term. Sights are on 5018.00, the Feb 21 low, ahead of the 5000.00 handle. Firm resistance is seen at 5195.21, the 20-day EMA. A clear break of the average would signal a possible reversal.
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