Free Trial

E-MINI S&P (Z2): Bearish Extension

EQUITY TECHS
  • RES 4: 4345.75 High Aug 16 and a bull trigger
  • RES 3: 4313.50 High Aug 18
  • RES 2: 4234.25 High Aug 26
  • RES 1: 4041.51/4175.00/47 20-day EMA / High Sep 13
  • PRICE: 3888.50 @ 07:02 BST Sep 16
  • SUP 1: 3851.50 Low Jul 19
  • SUP 2: 3819.54 76.4% retracement of the Jun 17 Aug 16 bull leg
  • SUP 3: 3741.75 Low Jul 14
  • SUP 4: 3657.00 Low Jun 17 and a major support

S&P E-Minis remain soft and the contract is trading lower as it extends Tuesday’s strong bearish reversal. Price has cleared key short-term support at 3900.00, the Sep 7 low. This confirms a resumption of the bear cycle that started mid-August and paves the way for a move towards 3819.54, a Fibonacci retracement. Key short-term resistance has been defined at 4175.00, the Sep 13 high.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.