Free Trial

E-MINI S&P TECHS: (U3) Pullback Considered Corrective

EQUITY TECHS
  • RES 4: 4556.71 2.382 projection of the May 4 - 19 - 24 price swing
  • RES 3: 4552.12 Bull channel top drawn from the Mar 13 low
  • RES 2: 4532.08 2.236 projection of the May 4 - 19 - 24 price swing
  • RES 1: 4498.00 High Jun 30
  • PRICE: 4443.50 @ 06:46 BST Jul 7
  • SUP 1: 4409.66/4368.50 20-day EMA / Low Jun 26 and a key support
  • SUP 2: 4321.67 50-day EMA
  • SUP 3: 4310.90 Bull channel base drawn from the Mar 13 low
  • SUP 4: 4269.50 Low Jun 2

A bull theme in S&P E-minis remains intact and the pullback this week appears to be a correction - for now. Attention is on the first support 4409.66, the 20-day EMA. Clearance of this level would expose 4368.50, the Jun 26 low and a key support. On Monday, the contract pierced key resistance and the bull trigger at 4493.75, the Jun 16 high. A clear breach of this level would confirm a resumption of the uptrend opening 4532.08, a Fibonacci projection.

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.