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E-MINI S&P TECHS: (Z3) Short-Term Bull Phase Remains In Play

EQUITY TECHS
  • RES 4: 4508.00 High Sep 20
  • RES 3: 4442.25 Trendline resistance drawn from the Jul 27 high
  • RES 2: 4430.50 High Oct 12
  • RES 1: 4391.75 High Nov 3
  • PRICE: 4383.25 @ 14:26 GMT Nov 7
  • SUP 1: 4257.75/4122.25 Low Nov 3 / 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 traded higher last week and the contract is holding on to its recent gains. The latest recovery still appears to be a correction, however, price has cleared the 20- and 50-day EMAs. The break of the 50-day average - a key short-term pivot level - has strengthened bullish conditions. Sights are on 4430.50, the Oct 12 high. Key support and the bear trigger has been defined at 4122.25, the Oct 27 low.

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