EQUITY TECHS: E-MINI S&P: (M5) Northbound
- RES 4: 6080.75 High Feb 26
- RES 3: 6057.00 High Mar 3
- RES 2: 6000.00 Round number resistance
- RES 1: 5958.00 Intraday high
- PRICE: 5949.25 @ 14:19 BST May 16
- SUP 1: 5669.26 50-day EMA
- SUP 2: 5455.50 Low Apr 30
- SUP 3: 5355.25 Low Apr 24
- SUP 4: 5127.25 Low Apr 21 and a key support
A bullish trend condition in S&P E-Minis remains intact and this week’s appreciation reinforces current conditions. The contract has cleared an important resistance at 5837.25, the Mar 25 high and a bull trigger. This strengthens the bullish theme, paving the way for a continuation near-term. Sights are on the 6000.00 handle next. Initial firm support to watch lies at 5669.26, the 50-day EMA.
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EQUITIES: US Cash Opening calls
SPX: 5,338.3 (-1.1%); DJIA: 40,234 (-0.3%/-135pts); NDX: 18,482.5 (-1.8%).
EQUITY TECHS: E-MINI S&P: (M5) Resistance Remains Intact
- RES 4: 5906.75 High Mar 6
- RES 3: 5837.25 High Mar 25 and the reversal trigger
- RES 2: 5701.85 50-day EMA
- RES 1: 5498.03 20-day EMA
- PRICE: 5372.25 @ 14:14 BST Apr 16
- SUP 1: 5098.16 61.8% retracement of the Apr 7 - 10 bounce
- SUP 2: 4832.00 Low Apr 7 and the bear trigger
- SUP 3: 4760.88 1.618 proj of the Feb 19 - Mar 13 - 25 price swing
- SUP 4: 4663.75 1.764 proj of the Feb 19 - Mar 13 - 25 price swing
A reversal higher in S&P E-Minis last week highlights the start of a corrective cycle. The trend condition has been oversold following recent weakness and the move higher is allowing this set-up to unwind. Initial resistance to watch is 5498.03, the 20-day EMA. Resistance at the 50-day EMA is at 5701.85. On the downside, key support and the bear trigger has been defined at 4832.00, the Apr 7 low. A break of this level would resume the M/T downtrend.
MNI EXCLUSIVE: MNI Speaks with Former St. Louis Fed Economist on US Outlook
- MNI speaks with a former St. Louis Fed economist William Emmons -- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
