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S&P E-Minis Clear The Key 50-Day EMA

  • S&P E-minis resumed its downtrend Wednesday, selling off sharply.
  • Importantly, the contract has cleared the key 50-day EMA.
  • An ability to remain below this average would strengthen bearish conditions and looking ahead, a bearish cross of the 20-day EMA below the 50-day EMA (still a long way off) would reinforce a bearish threat.
  • A resumption of weakness would open 4443.55 next, a retracement level.
  • Initial firm resistance is at 4669.75, the Nov 29 high.

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