August 09, 2024 13:33 GMT
E-MINI S&P: (U4) Watching Resistance At The 50-Day EMA
EQUITY TECHS
- RES 4: 5721.25 High Jul 16 and Key resistance
- RES 3: 5600.75 High Aug 1
- RES 2: 5460.55 50-day EMA
- RES 1: 5372.00 Intraday high
- PRICE: 5336.00 @ 14:19 BST Aug 9
- SUP 1: 5120.00 Low Aug 5
- SUP 2: 5185 50.76.4% retracement of the Apr 19 - Jul 16 bull leg
- SUP 3: 5092.00 Low May 2
- SUP 4: 5020 Low Apr 19 and a key support
S&P E-Minis traded lower on Aug 5 and this confirmed an extension of the bear cycle. The move down has resulted in a print below 5185.50, 76.4% of the Apr 19 - Jul 16 bear leg. A clear break of this level would open 5092.00 next, the May 2 low. Short-term gains are - for now - considered corrective and the 50-day EMA marks a firm resistance, at 5460.55. Clearance of this average is required to alter the picture.
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