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E-MINI S&P (Z2): Clears The 20-Day EMA

EQUITY TECHS
  • RES 4: 4023.44 61.8% retracement of the Aug 16 - Oct 13 downleg
  • RES 3: 3923.88 50.0% retracement of the Aug 16 - Oct 13 downleg
  • RES 2: 3849.78 50-day EMA
  • RES 1: 3820.00 High Oct 5 and a bull trigger
  • PRICE: 3773.00 @ 14:30 BST Oct 18
  • SUP 1: 3590.52/3502.00 Low Oct 17 / 13 and the bear trigger
  • SUP 2: 3491.13 50.0% retracement of the 2020 - 2022 bull cycle
  • SUP 3: 3453.78 1.618 proj of the Aug 16 - Sep 7 - 13 price swing
  • SUP 4: 3388.70 1.764 proj of the Aug 16 - Sep 7 - 13 price swing

S&P E-Minis are firmer this week as the contract extends its climb following last week’s reversal from 3502.00, the Oct 13 low. The latest recovery suggests the contract has entered a corrective phase and if correct, this will allow an oversold trend condition to unwind. The 20-day EMA has been breached. The break reinforces a bullish theme and opens 3820.00, the Oct 5 high and a bull trigger. Key support lies at 3502.00.

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