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E-MINI S&P (Z1): Attention Is On All-Time High

EQUITY TECHS
  • RES 4: 4800.00 Round number resistance
  • RES 1: 4788.95 0.618 proj of the Oct 1 - Nov 22 - Dec 3 price swing
  • RES 2: 4740.50 High Nov 22 and the bull trigger
  • RES 1: 4717.00 High Nov 26
  • PRICE: 4688.75 @ 07:05 GMT Dec 9
  • SUP 1: 4587.25 Low Dec 8
  • SUP 2: 4492.00 Low Dec 3 and the bear trigger
  • SUP 3: 4443.55 61.8% retracement of the Oct 1 - Nov 22 rally
  • SUP 4: 4373.40 76.4% retracement of the Oct 1 - Nov 22 rally

S&P E-minis rallied sharply higher Tuesday and the contract is holding onto recent gains. Futures are once again above the 50-day EMA, at 4568.46 today. This average highlights a pivot level and the strong recovery through it has improved conditions for bulls. The focus is on 4717.00 next, the Nov 26 high ahead of the all-time high of 4740.50. Key support and the bear trigger is at 4492.00, the Dec 3 low.

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