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E-MINI S&P TECHS: (Z3) Consolidation Marks A Pause In The Uptrend

EQUITY TECHS
  • RES 4: 4700.00 Round number resistance
  • RES 3: 4685.25 High Jul 27 and a bull trigger
  • RES 2: 4644.75 High Aug 2
  • RES 1: 4597.50 High Sep and a key resistance
  • PRICE: 4565.00 @ 14:18 GMT Dec 1
  • SUP 1: 4501.75/4490.76 Low Nov 16 / 20-day EMA
  • SUP 2: 4436.17 50-day EMA
  • SUP 3: 4354.25 Low Nov 10
  • SUP 4: 4257.75 Low Nov 3

A bullish theme in S&P e-minis remains intact and the current consolidation is seen as a pause in the uptrend. A strong rally on Nov 14 resulted in the break of a trendline drawn from the Jul 27 high. This breach and the subsequent rally, reinforces bullish conditions and opens 4597.50, the Sep 1 high. Moving average studies are in a bull-mode position highlighting an uptrend. Initial firm support is seen at 4490.76, the 20-day EMA.

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