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Free AccessE-MINI S&P (Z2): Corrective Bull Cycle Still In Play Despite Pullback
- 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: 3833.33 50-day EMA
- RES 1: 3820.00 High Oct 5 and a bull trigger
- PRICE: 3669.25 @ 14:30 BST Oct 21
- SUP 1: 3590.50/3502.00 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
Despite the latest pullback, S&P E-Minis maintain a firmer short-term tone. A bullish theme follows the reversal from 3502.00, the Oct 13 low. The recovery suggests the contract has entered a corrective phase and if correct, this is allowing an oversold trend condition to unwind. Attention is on resistance at 3820.00, the Oct 5 high and a bull trigger. Key support is unchanged at 3502.00. Initial support is at 3590.50, the Oct 17 low.
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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.