EQUITY TECHS: E-MINI S&P: (H5) Impulsive Sell-Off
- RES 4: 6200.00 Round number resistance
- RES 3: 6178.75 High Dec 6 ‘24 and key resistance
- RES 2: 6038.96/6166.50 50-day EMA / High Jan 19
- RES 1: 5935.50 Low Feb 3 and a recent breakout level
- PRICE: 5879.50 @ 06:52 GMT Feb 28
- SUP 1: 5858.50 Intraday low
- SUP 2: 5809.00 Low Jan 13 and a reversal trigger
- SUP 3: 5784.00 Low Nov 4 ’24
- SUP 4: 5730.00 Low Sep 18 ‘24
The latest move down in S&P E-Minis still appears corrective, however, price has breached a number of important supports this week; 6014.00, the Feb 10 low, and 5935.50, the Feb 3 low. The sharp move down signals scope for a deeper retracement and has exposed the next key support at 5809.00, the Jan 13 low. A breach of this level would highlight a stronger reversal. On the upside, initial firm resistance to watch 6038.96, the 50-day EMA.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
EURJPY TECHS: Outlook Remains Bullish
- RES 4: 165.43 High Nov 8
- RES 3: 164.90 High Dec 30 and a key short-term resistance
- RES 2: 164.55 High Jan 7
- RES 1: 164.08 High Jan 24
- PRICE: 162.00 @ 07:00 GMT Jan 29
- SUP 1: 160.96/159.73 Low Jan 21 / 17 and key short-term support
- SUP 2: 159.51 61.8% retracement of the Dec 3 - 30 bull cycle
- SUP 3: 158.67 Low Dec 11
- SUP 4: 158.24 76.4% retracement of the Dec 3 - 30 bull cycle
Despite the latest pullback, EURJPY continues to trade closer to last week’s highs. Resistance at 162.89, the Jan 15 high, has been breached. This undermines a recent bearish theme and highlights scope for an extension higher near term, towards key resistance at 164.90, the Dec 30 high. Key short-term support lies at 159.73, the Jan 17 low. A reversal lower and a break of this level would reinstate the recent bearish threat.
MNI: SWEDEN FLASH Q4 GDP +1.1% Y/Y
- MNI: SWEDEN FLASH Q4 GDP +1.1% Y/Y
MNI: GERMAN GFK FEB CONSUMER CLIMATE -22.4
- MNI: GERMAN GFK FEB CONSUMER CLIMATE -22.4
