Free Trial

E-MINI S&P TECHS: (U3) Key Resistance Remains Intact

EQUITY TECHS
  • RES 4: 4593.50/4634.50 High Aug 2 / Jul 27 and key resistance
  • RES 3: 4560.75 High Aug 4
  • RES 2: 4517.75 High Aug 15
  • RES 1: 4556.73 Former bull channel base drawn from Mar 13
  • PRICE: 4447 25 @ 07:13 BST Aug 29
  • SUP 1: 4350.00 Low Aug 18 and a bear trigger
  • SUP 2: 4344.28 38.2% retracement of the Mar 13 - Jul 27 bull cycle
  • SUP 3: 4305.75 Low Jun 8
  • SUP 4: 4254.62 50.0% retracement of the Mar 13 - Jul 27 bull cycle

A sharp sell-off on Aug 24 in the E-mini S&P contract reinforces a bearish theme and signals the end of the Aug 18 - 24 corrective bounce. Short-term gains are considered corrective and attention is on support at 4350.00, the Aug 18 low and bear trigger. A break would confirm a resumption of the current bear cycle. Resistance to watch is 4556.73 - the base of a bull channel, drawn from the Mar 13 low that was breached on Aug 16.

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.