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EQUITY TECHS: E-MINI S&P: (Z4) Bullish Outlook

EQUITY TECHS
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  • RES 4: 6145.26 1.236 proj of the Aug 5 - Sep 3 - 6 price swing
  • RES 3: 6103.88 1.500 projection of the Sep 6 - 17 - 18 price swing   
  • RES 2: 6070.16 1.382 projection of the Sep 6 - 17 - 18 price swing
  • RES 1: 5974.25/6053.25 High Nov 15 / 11 and the bull trigger      
  • PRICE: 5969.50 @ 14:28 GMT Nov 21
  • SUP 1: 5855.00 Low Nov 19      
  • SUP 2: 5838.64 50-day EMA 
  • SUP 3: 5724.25 Low Nov 4 and a key support   
  • SUP 4: 5675.25 Low Sep 18

Recent weakness in the S&P E-Minis contract appears to have been a correction. Medium-term trend signals such as moving average studies, continue to highlight a dominant uptrend. The contract has recently traded through support at the 20-day EMA and the next key support to monitor is 5838.64, the 50-day EMA. A clear break of this level would signal scope for a deeper retracement. The bull trigger is at 6053.25, Nov 11 high. 

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  • RES 4: 6145.26 1.236 proj of the Aug 5 - Sep 3 - 6 price swing
  • RES 3: 6103.88 1.500 projection of the Sep 6 - 17 - 18 price swing   
  • RES 2: 6070.16 1.382 projection of the Sep 6 - 17 - 18 price swing
  • RES 1: 5974.25/6053.25 High Nov 15 / 11 and the bull trigger      
  • PRICE: 5969.50 @ 14:28 GMT Nov 21
  • SUP 1: 5855.00 Low Nov 19      
  • SUP 2: 5838.64 50-day EMA 
  • SUP 3: 5724.25 Low Nov 4 and a key support   
  • SUP 4: 5675.25 Low Sep 18

Recent weakness in the S&P E-Minis contract appears to have been a correction. Medium-term trend signals such as moving average studies, continue to highlight a dominant uptrend. The contract has recently traded through support at the 20-day EMA and the next key support to monitor is 5838.64, the 50-day EMA. A clear break of this level would signal scope for a deeper retracement. The bull trigger is at 6053.25, Nov 11 high.