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E-MINI S&P TECHS: (U3) Resistance Is At The Former Bull Channel Base

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: 4493.98 Former bull channel base drawn from Mar 13
  • PRICE: 4454.00 @ 14:42 BST Aug 24
  • SUP 1: 4399.50/4350.00 Low Aug 23 / 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

The latest recovery in the E-mini S&P contract has resulted in a break of both the 20- and 50-day EMA values. This signals potential for a stronger short-term recovery. Attention is on resistance at 4493.98, the base of a bull channel that was breached last week. The channel is drawn from the Mar 13 low. Clearance of this level would open 4517.75, the Aug 15 high. Support to watch lies at 4399.50, yesterday’s low. A break would be bearish.

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