EQUITY TECHS: E-MINI S&P: (M5) Pullback Exposes Key Support
- RES 4: 5970.87 61.8% retracement of the Feb 19 - Mar 13 bear leg
- RES 3: 5907.55 50-day EMA
- RES 2: 5864.25 Low Jan 13 and a recent breakout level
- RES 1: 5747.75/5837.25 Intraday high / High Mar 25
- PRICE: 5655.00 @ 14:55 GMT Mar 28
- SUP 1: 5625.24 76.4% retracement of the Mar 13 - 25 bull leg
- SUP 2: 5559.75 Low Mar 13 and the bear trigger
- SUP 3: 5483.50 2.00 proj of the Dec 6 ‘24 - Jan 13 - Feb 19 swing
- SUP 4: 5396.00 2.236 proj of the Dec 6 ‘24 - Jan 13 - Feb 19 swing
S&P E-Minis have pulled back from Tuesday’s high and today’s sell-off strengthens the bearish importance of the latest pullback. The move down signals the end of the corrective cycle between Mar 13 - 25. Support at 5650.75 has been pierced, Mar 18 low. A clear break of this level would expose the key support and bear trigger at 5559.75, Mar 13 low. On the upside, key S/T resistance has been defined at 5837.25, the Mar 25 high.
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MNI: US JAN NEW HOME SALES -10.5% TO 0.657M SAAR
- MNI: US JAN NEW HOME SALES -10.5% TO 0.657M SAAR
- US DEC NEW HOME SALES REVISED TO 0.734M SAAR
AUDUSD TECHS: Corrective Pullback Extends
- RES 4: 0.6471 High Dec 9 ‘24
- RES 3: 0.6429 High Dec 12 ‘24
- RES 2: 0.6414 38.2% retracement of the Sep 30 ‘24 - Feb 3 bear leg
- RES 1: 0.6409 High Feb 21
- PRICE: 0.6309 @ 14:52 GMT Feb 26
- SUP 1: 0.6300/6231 Intraday low / Low Feb 10
- SUP 3: 0.6171/6088 Low Feb 4 / 3
- SUP 3: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
- SUP 4: 0.6000 Round number support
AUDUSD is trading lower today. The latest pullback appears corrective, however, the pair has traded through support at the 50-day EMA, at 0.6316. A clear breach of this average would signal scope for a deeper retracement and expose 0.6231, the Feb 10 low. For bulls, a resumption of gains would refocus attention on key resistance at 0.6402/14 - the 100-dma and 38.2% of the Sep 30 ‘24 - Feb 3 bear leg respectively.
EQUITY TECHS: E-MINI S&P: (H5) Pierces Support
- RES 4: 6205.38 0.764 proj of the Jan 13 - 24 - Feb 3 price swing
- RES 3: 6200.00 Round number resistance
- RES 2: 6178.75 High Dec 6 and key resistance
- RES 1: 6069.41/6166.50 20-day EMA / High Jan 24
- PRICE: 5980.00 @ 14:35 GMT Feb 26
- SUP 1: 5924.00 Low Feb 25
- SUP 2: 5892.37 76.4% retracement of the Aug 5 - Dec 6 bull leg
- SUP 3: 5842.50 Low Jan 14
- SUP 4: 5809.00 Low Jan 13 and a reversal trigger
The latest move down in S&P E-Minis appears corrective, however, price has breached support at 6014.00, the Feb 10 low. This exposed a key support at 5935.50, the Feb 3 low, that was pierced on Tuesday. A clear break of it would allow for a deeper retracement. MA studies are in a bull-mode condition that suggests the trend direction remains up. A resumption of gains would refocus attention on key resistance at 6178.75, the Dec 6 ‘24 high.
