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E-MINI S&P (Z2): Pullback Considered Corrective

EQUITY TECHS
  • RES 4: 4175.00 High Sep 13 and a key resistance
  • RES 3: 4146.63 76.4% retracement of the Aug 16 - Oct 13 downleg
  • RES 2: 4100.00 Round number resistance
  • RES 1: 4050.75 High Nov 15
  • PRICE: 3948.25 @ 06:49 GMT Nov 18
  • SUP 1: 3857.34 50-day EMA
  • SUP 2: 3750.00 Low Nov 9
  • SUP 3: 3704.25 Low Nov 3 and key short-term support
  • SUP 4: 3641.50 Low Oct 21

S&P E-Minis traded lower Thursday. The short-term outlook remains bullish and a pullback is considered corrective. A bullish theme follows recent strong gains that resulted in a break of 3928.00, the Nov 1 high. This strengthens a short-term bullish condition and price has established a sequence of higher highs and higher lows on the daily scale. The focus is on 4100.00 next. On the downside, key short-term support is at 3704.25, the Nov 3 low.

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