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EQUITY TECHS: E-MINI S&P: (U4) Reversal Extends

EQUITY TECHS
  • RES 4: 5721.25 High Jul 16 and Key resistance   
  • RES 3: 5664.00 High Jul 18 
  • RES 2: 5629.75 High Jul 23 
  • RES 1: 5600.75 High Aug 1        
  • PRICE: 5568.50 @ 15:20 BST Aug 16
  • SUP 1: 5438.75/5319.50 Low Aug 14 / 9  
  • SUP 2: 5182.0 Low Aug 8 
  • SUP 3: 5120.00 Low Aug 5 and the bear trigger 
  • SUP 4: 5092.00 Low May 2 

S&P E-Minis traded higher Thursday and are consolidating the gains into the Friday session. This retains the firmer short-term tone. The rally this week has resulted in a break of the 50-day EMA. This highlights a stronger reversal and signals the end of the corrective cycle between Jul 16 - Aug 5. Sights are on 5600.75, Aug 1 high. A break would set the scene for an extension towards key resistance and the bull trigger at 5721.25, the Jul 16 high. Initial support lies at 5367.50, the Aug 13 low. 

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