Free Trial

E-MINI S&P (U2): Corrective Bounce

EQUITY TECHS
  • RES 4: 4327.50 High Aug 16 and the bull trigger
  • RES 3: 4288.00 High Aug 19
  • RES 2: 4217.25 High Aug 26 and key short-term resistance
  • RES 1: 4056.08 50-day EMA
  • PRICE: 4034.50 @ 14:34 BST Sep 9
  • SUP 1: 3883.50 Low Sep 7
  • SUP 2: 3834.00 Low Jul 19
  • SUP 3: 3801.49 76.4% retracement of the Jun 17 - Aug 16 upleg
  • SUP 4: 3723.75 Low Jul 14

The S&P E-Minis trend condition trend condition remains bearish, however, a short-term corrective cycle has unfolded following the recovery from Wednesday’s low. Resistance to watch is 4056.08, the 50-day EMA. This is an important pivot point and a break would suggest potential for a stronger recovery. A resumption of weakness would refocus attention on 3883.50, the Sep 7 low and bear trigger.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.