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E-MINI S&P (Z1): Near-Term Resistance Still Intact

EQUITY TECHS
  • RES 4: 4591.25 1.00 proj of Jul 19 - Aug 16 - Aug 19 price swing
  • RES 1: 4539.50 High Sep 3 and the bull trigger
  • RES 3: 4519.75 High Sep 9
  • RES 1: 4472.00 High Sep 27
  • PRICE: 4441.00 @ 14:17 BST Oct 18
  • SUP 1: 4390.54 50-day EMA
  • SUP 2: 4317.25/4260.00 Low Oct 12 / Low Oct 1 and the bear trigger
  • SUP 3: 4243.50 Low Jul 20
  • SUP 4: 4214.50 Low Jul 19 and a key support

S&P E-minis recovered last week and price action on Oct 14 resulted in a move above the 50-day EMA - at 4390.54 today. A clear breach of the average has undermined recent bearish signals and suggests scope for a stronger recovery. Attention is on 4472.00, Oct 7 high and a breach of this hurdle would open 4539.50, the Sep 3 high and bull trigger. Initial key support is at 4317.25, Oct 12 low. The 50-day EMA is first support.

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