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E-Mini S&P Trading Near Resistance at 20-Day EMA

EQUITIES

Eurostoxx 50 futures are holding on to their recent gains from 4762.00, the Apr 19 low. The contract has breached the 20-day EMA and resistance at 4990.00, Apr 15 high. This highlights a potentially stronger reversal and signals the end of the correction between Apr 2 - 19. A continuation higher would expose the bull trigger at 5079.00, the Apr 2 high. Key support lies at 4762.00. Initial support to watch is 4874.10, the 50-day EMA. The S/T trend condition in S&P E-Minis remains bearish and the latest recovery appears to be a correction. The contract has recently cleared the 50-day EMA, signalling scope for a continuation lower. A resumption of the bear leg would open 4907.57, a Fibonacci retracement. Firm resistance at 5138.19, the 20-day EMA, has been pierced, a clear break would instead signal a reversal and expose key resistance at 5333.50, the Apr 1 high.


  • In China the SHANGHAI closed higher by 24.407 pts or +0.79% at 3113.043 and the HANG SENG ended 95.76 pts higher or +0.54% at 17746.91.
  • Across Europe, Germany's DAX trades higher by 33.46 pts or +0.18% at 18194.52, FTSE 100 higher by 33.35 pts or +0.41% at 8173.33, CAC 40 up 21.3 pts or +0.26% at 8109.54 and Euro Stoxx 50 up 6.33 pts or +0.13% at 5013.18.
  • Dow Jones mini up 65 pts or +0.17% at 38506, S&P 500 mini up 11.25 pts or +0.22% at 5142.75, NASDAQ mini up 55 pts or +0.31% at 17901.
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