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E-MINI S&P TECHS: (Z3) Key Short-Term Resistance Still Intact

EQUITY TECHS
  • RES 4: 4566.00 High Sep 15 and a key resistance
  • RES 3: 4514.50 High Sep 18
  • RES 2: 4489.50 Trendline resistance drawn from the Jul 27 high
  • RES 1: 4425.45/4430.50 50+-day EMA / High Oct 12
  • PRICE: 4382.50 @ 14:18 BST Oct 18
  • SUP 1: 4299.50/4235.50 Low Oct 10 / Low Oct 4 and the bear trigger
  • SUP 2: 4194.75 Low May 24
  • SUP 3: 4166.25 1.50 proj of the Jul 27 - Aug 18 - Sep 1 price swing
  • SUP 4: 4134.00 Low May 4

S&P e-minis are in consolidation mode. The contract found resistance last week at 4430.50 (Oct 12 high) and this means that - for now - resistance at the 50-day EMA, at 4425.45, remains intact. A clear breach of the average is required to strengthen bullish conditions and this would open 4489.50, trendline resistance drawn from the Jul 27 high. On the downside, a deeper pullback would open 4235.50, the Oct 4 low and bear trigger.

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