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E-MINI S&P TECHS: (M4) Testing Resistance At The 20-Day EMA

EQUITY TECHS
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  • RES 4: 5333.50 High Apr 1 and the bull trigger
  • RES 3: 5285.00 High Apr 10
  • RES 2: 5213.25 High Apr 15
  • RES 1: 5139.03/5154.25 20-day EMA / High Apr 29
  • PRICE: 5130.75 @ 14:27 BST Apr 30
  • SUP 1: 5022.25/4963.50 Low Apr 25 / 19 and the bear trigger
  • 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 S/T trend condition in S&P E-Minis remains bearish and the latest recovery appears to be a correction. The contract has recently traded through the 50-day EMA, signalling scope for a continuation lower. A resumption of the bear leg would open 4907.57, a Fibonacci retracement. Firm resistance at 5139.03, the 20-day EMA, has been pierced, a clear break would instead signal a reversal and expose key resistance at 5333.50, the Apr 1 high.

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  • RES 4: 5333.50 High Apr 1 and the bull trigger
  • RES 3: 5285.00 High Apr 10
  • RES 2: 5213.25 High Apr 15
  • RES 1: 5139.03/5154.25 20-day EMA / High Apr 29
  • PRICE: 5130.75 @ 14:27 BST Apr 30
  • SUP 1: 5022.25/4963.50 Low Apr 25 / 19 and the bear trigger
  • 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 S/T trend condition in S&P E-Minis remains bearish and the latest recovery appears to be a correction. The contract has recently traded through the 50-day EMA, signalling scope for a continuation lower. A resumption of the bear leg would open 4907.57, a Fibonacci retracement. Firm resistance at 5139.03, the 20-day EMA, has been pierced, a clear break would instead signal a reversal and expose key resistance at 5333.50, the Apr 1 high.