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E-MINI S&P (Z1): Trend Needle Still Points North

  • RES 4: 4800.00 Round number resistance
  • RES 1: 4783.40 1.764 proj of Jul 19 - Aug 16 - Aug 19 price swing
  • RES 2: 4746.68 1.618 proj of Jul 19 - Aug 16 - Aug 19 price swing
  • RES 1: 4717.00 1.50 proj of Jul 19 - Aug 16 - Aug 19 price swing
  • PRICE: 4701.50 @ 14:14 GMT Nov 8
  • SUP 1: 4650.75/4586.50 Low Nov 4 / Low Nov 1
  • SUP 2: 4543.75/4472.00 Low Oct 27 / High Sep 27
  • SUP 3: 4480.24 50-day EMA and key near-term support
  • SUP 4: 4317.25/4260.00 Low Oct 12 / Low Oct 1 and the bear trigger

S&P E-minis maintain a bullish tone and further gains are likely near-term. Another all-time high print was registered Friday. Continued gains confirm a resumption of the uptrend and the focus is on 4717.00 next, a Fibonacci projection. Trend signals such as moving average studies remain in a bull mode, reinforcing current conditions and market sentiment. The 50-day EMA at 4480.24 continues to represent a key support handle.

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