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E-MINI S&P (Z2): Testing The 50-Day EMA

EQUITY TECHS
  • RES 4: 4234.25 High Aug 26
  • RES 3: 4175.00 High Sep 13 and a key resistance
  • RES 2: 4146.63 76.4% retracement of the Aug 16 - Oct 13 downleg
  • RES 1: 4110.00 High Dec 1
  • PRICE: 3955.75 @ 14:23 GMT Dec 8
  • SUP 1: 3917.087/3914.00 50-day EMA / Low Dec 7
  • SUP 2: 3912.50 Low Nov 17
  • SUP 3: 3750.00 Low Nov 9
  • SUP 4: 3704.25 Low Nov 3 and key short-term support

S&P E-Minis remain below last week’s high and the contract is trading closer to this week's lows. The move down is considered corrective - for now. The uptrend that started on Oct 13 remains intact but attention is on support at the 50-day EMA, which intersects at 3917.08. A clear break of this EMA would threaten bullish conditions and suggest potential for a deeper reversal. The bull trigger, to resume recent bullish activity, is at 4110.00.

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