Free Trial

E-MINI S&P TECHS: (U3) Bull Channel Top Remains Intact - For Now

EQUITY TECHS
  • RES 4: 4739.50 High Jan 12 2022 (cont)
  • RES 3: 4687.89 3.0% 10-dma envelope
  • RES 2: 4631.00 High Mar 29 2022 (cont)
  • RES 1: 4609.25/4622.12 High Jul 20 / Bull channel top
  • PRICE: 4585.75 @ 14:43 BST Jul 25
  • SUP 1: 4506.23 20-day EMA
  • SUP 2: 4470.00 Low Jul 12
  • SUP 3: 4404.66 50-day EMA
  • SUP 4: 4375.52 Bull channel base drawn from the Mar 13 low

The E-mini S&P contract is trading below last week’s high of 4609.25 (Jul 19). Prices have recently tested the top of the bull channel drawn off the March 13 low - the channel top intersects at 4622.12 today. A clear breakout would strengthen bullish conditions and open 4631.00, the Mar 29 2022 high. A corrective pullback would initially target the 20-day EMA at 4506.23. The average marks the first key short-term level to watch.

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.