EQUITY TECHS: E-MINI S&P: (M5) Pullback Considered Corrective
- RES 4: 6080.75 High Feb 26
- RES 3: 6057.00 High Mar 3
- RES 2: 6000.00 Round number resistance
- RES 1: 5993.50 High May 20 and the bull trigger
- PRICE: 5776.00 @ 14:26 BST May 23
- SUP 1: 5756.50/5715.60 Intraday low / 50-day EMA and key support
- SUP 2: 5596.00 Low May 7
- SUP 3: 5455.50 Low Apr 30
- SUP 4: 5355.25 Low Apr 24
A bullish trend condition in S&P E-Minis remains intact and the latest pullback is considered corrective - for now. Today’s sell-off has resulted in a print below the 20-day EMA, at 5775.85. A key support lies at 5715.60, the 50-day EMA. A clear break of this average is required to highlight a stronger reversal and signal scope for a deeper retracement. A resumption of gains would refocus attention on the bull trigger at 5993.50, the May 20 high.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
STIR: 80,000 Options SOFR Midcurve Call Spread Package
- +20,000 0QM5/0QN5 97.00/97.25 call spd spd, 1.25 net/July over
- Other calendar spreads:
- +13,000 SFRN5/SFRU5 96.50 call spds 4.5-4.75
EQUITY TECHS: E-MINI S&P: (M5) Corrective Cycle
- RES 4: 5773.25 High Apr 2
- RES 3: 5639.32 50-day EMA
- RES 2: 5528.75 High Apr 10 and the bull trigger
- RES 1: 5485.00 High Apr 15
- PRICE: 5453.25 @ 14:23 BST Apr 23
- SUP 1: 5098.16 61.8% retracement of the Apr 7 - 10 bounce
- SUP 2: 4996.43 76.4% retracement of the Apr 7 - 10 bounce
- SUP 3: 4832.00 Low Apr 7 and the bear trigger
- SUP 4: 4760.88 1.618 proj of the Feb 19 - Mar 13 - 25 price swing
A reversal higher in S&P E-Minis on Apr 9 highlighted the start of a correction. The trend condition has been oversold following recent weakness and gains have allowed this to unwind. Price has traded above the 20-day EMA, at 5425.57, today. This exposes 5528.75, the Apr 10 high. For bears, a resumption of weakness would refocus attention on 4832.00, the Apr 7 low and bear trigger.
SCHATZ: Swap related trade
Schatz Swap trade, suggest receiver:
- DUM5 ~13.6k at 107.52.
