EQUITY TECHS: E-MINI S&P: (H6) Short-Term Bear Cycle
- RES 4: 7089.25 1.000 proj of the Dec 18 - 26 - Jan 2 price swing
- RES 3: 7080.92 0.764 proj of the Nov 21 - Dec 11 - 18 price swing
- RES 2: 7036.74 0.764 proj of the Dec 18 - 26 - Jan 2 price swing
- RES 1: 6942.60/7036.25 20-day EMA / High Jan 13 and bull trigger
- PRICE: 6863.50 @ 14:23 GMT Jan 21
- SUP 1: 6814.50 Intraday low
- SUP 2: 6809.62 50.0% retracement of the Nov 21 - Jan 13 bull phase
- SUP 3: 6771.50 Low Dec 18 and a key support
- SUP 4: 6756.14 61.8% retracement of the Nov 21 - Jan 13 bull phase
The trend structure in S&P E-Minis is unchanged, it remains bullish and the latest pullback appears to be a correction. However, the contract has traded through support at 6898.61, the 50-day EMA. A clear break of this average strengthens a short-term bearish theme and signals scope for a deeper corrective pullback. This has exposed support at 6771.50, the Dec 18 low. Key resistance and the bull trigger has been defined at 7036.25, Jan 13 high.
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EQUITY TECHS: E-MINI S&P: (H6) Trading Above Key Short-Term Support
- RES 4: 7021.79 0.618 proj Nov 21 - Dec 11 - 18 price swing
- RES 3: 7014.00 High Oct 30 and the bull trigger
- RES 2: 6932.25/6988.00 High Dec 15 / 12
- RES 1: 6832.25 High Dec 15
- PRICE: 6923.00 @ 14:20 GMT Dec 22
- SUP 1: 6771.50 Low Dec 18
- SUP 2: 6737.71 61.8% retracement of the Nov 21 - Dec 11 rally
- SUP 3: 6678.58 76.4% retracement of the Nov 21 - Dec 11 rally
- SUP 4: 6583.00 Low Nov 21
The recent pullback in S&P E-Minis appears corrective. A key short-term support has been defined at 6771.50, the Dec 18 low. A break of this level would signal scope for a deeper retracement of the recent bull phase between Nov 21 - Dec 11. This would open 6737.71, a Fibonacci retracement. For bulls a stronger resumption of gains would refocus attention on key resistance at 7014.00, the Oct 30 high.
EQUITIES: US Cash Opening Calls
SPX: 6,882.3 (+0.7%); DJIA: 48,293 (+0.3%/+158pts); NDX: 25,590.4 (+1.0%).
SONIA: Mix Of Long Cover & Short Setting Seen In Futures On Friday
OI data points to long cover dominating in the whites as SONIA futures ticked lower on Friday.
- Net short setting than came to the fore further out the strip.
- Net positioning adjustments were limited in individual contract terms.
| 19-Dec-25 | 18-Dec-25 | Daily OI Change |
| Daily OI Change In Packs |
SFIZ5 | 434,804 | 444,560 | -9,756 | Whites | -13,735 |
SFIH6 | 368,926 | 366,524 | +2,402 | Reds | +5,523 |
SFIM6 | 378,420 | 378,617 | -197 | Greens | +339 |
SFIU6 | 348,236 | 354,420 | -6,184 | Blues | +2,493 |
SFIZ6 | 498,121 | 498,255 | -134 |
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SFIH7 | 307,316 | 304,222 | +3,094 |
|
|
SFIM7 | 233,616 | 232,703 | +913 |
|
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SFIU7 | 157,144 | 155,494 | +1,650 |
|
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SFIZ7 | 151,174 | 151,033 | +141 |
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SFIH8 | 75,527 | 77,489 | -1,962 |
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SFIM8 | 60,339 | 60,716 | -377 |
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SFIU8 | 51,728 | 49,191 | +2,537 |
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SFIZ8 | 43,644 | 41,497 | +2,147 |
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SFIH9 | 18,134 | 18,402 | -268 |
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SFIM9 | 26,312 | 25,255 | +1,057 |
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SFIU9 | 17,833 | 18,276 | -443 |
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