E-MINI S&P TECHS: (Z3) Approaching The 50-Day EMA

• RES 4: 4508.00 High Sep 20
• RES 3: 4449.00 Trendline resistance drawn from the Jul 27 high
• RES 2: 4430.50 High Oct 12
• RES 1: 4354.59 50-day EMA
• PRICE: 4332.50 @ 06:51 GMT Nov 3
• SUP 1: 4191.25/4122.25 Low Nov 1 / Low Oct 27 and the bear trigger
• SUP 2: 4100.00 Round number support 4124.19
• SUP 3: 4090.35 1.764 proj of the Jul 27 - Aug 18 - Sep 1 price swing
• SUP 4: 4049.00 Low Mar 28

S&P e-minis are traded higher Thursday and the contract is holding on to this week’s gains. The latest climb still appears to be a correction, however, price is through the 20-day EMA, at 4281.95. The clear break of this average suggests scope for a stronger short-term recovery, perhaps towards the 50-day EMA at 4354.59. Key support and the bear trigger has been defined at 4122.25, the Oct 27 low.