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E-MINI S&P (U2):Corrective Cycle Still In Play

EQUITY TECHS
markets-real-timeBulletMarketsFixed IncomeForeign Exchange
  • RES 4: 4308.50 High Apr 28
  • RES 3: 4204.75 High May 31 and a key resistance
  • RES 2: 4042.61 50-day EMA
  • RES 1: 3948.00 Intraday high
  • PRICE: 3926.75 @ 14:24 BST June 27
  • SUP 1: 3735.00/3639.00 Low Jun 23 / 17 and the bear trigger
  • SUP 2: 3578.27 0.618 proj of the Mar 29 - May 20 - 31 price swing
  • SUP 3: 3500.00 Round number support
  • SUP 4: 3384.75 0.764 proj of the Mar 29 - May 20 - 31 price swing

S&P E-Minis traded higher Friday confirming an extension of the current bullish corrective cycle. The contract has traded above the 20-day EMA and this signal scope for a climb towards the 50-day EMA, currently at 4042.61. The primary trend direction remains down though and a reversal lower would signal the end of the correction. This would also refocus attention on the bear trigger at 3639.00, the Jun 17 low.

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  • RES 4: 4308.50 High Apr 28
  • RES 3: 4204.75 High May 31 and a key resistance
  • RES 2: 4042.61 50-day EMA
  • RES 1: 3948.00 Intraday high
  • PRICE: 3926.75 @ 14:24 BST June 27
  • SUP 1: 3735.00/3639.00 Low Jun 23 / 17 and the bear trigger
  • SUP 2: 3578.27 0.618 proj of the Mar 29 - May 20 - 31 price swing
  • SUP 3: 3500.00 Round number support
  • SUP 4: 3384.75 0.764 proj of the Mar 29 - May 20 - 31 price swing

S&P E-Minis traded higher Friday confirming an extension of the current bullish corrective cycle. The contract has traded above the 20-day EMA and this signal scope for a climb towards the 50-day EMA, currently at 4042.61. The primary trend direction remains down though and a reversal lower would signal the end of the correction. This would also refocus attention on the bear trigger at 3639.00, the Jun 17 low.