EQUITY TECHS: E-MINI S&P: (Z5) Monitoring Support
- RES 4: 6993.12 3.500 proj of the Aug 20 - 28 - Sep 2 price swing
- RES 3: 6953.75 High Oct 30 and bull trigger
- RES 2: 6900.50 High Nov 12
- RES 1: 6809.52 20-day EMA
- PRICE: 6754.25 @ 06:29 GMT Nov 14
- SUP 1: 6729.38 50-day EMA
- SUP 2: 6655.50 Low Nov 7 & key short-term support
- SUP 3: 6571.25 Low Oct 17
- SUP 4: 6540.25 Low Oct 10 and a key support
The trend condition in S&P E-Minis remains bullish and Thursday’s selloff appears corrective - for now. Attention is on support at the 50-day EMA, at 6729.38. A clear break of the EMA, and of support at 6655.50, the Nov 7 low, would highlight a short-term reversal and signal scope for a deeper correction. Initial firm resistance to watch is 6900.50, the Nov 12 high. A breach of this hurdle would be a bullish development.
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EQUITY TECHS: E-MINI S&P: (Z5) Trend Needle Points North
- RES 4: 6850.87 1.618 proj of the Aug 1 - 15 - 20 price swing
- RES 3: 6831.38 2.500 proj of the Aug 20 - 28 - Sep 2 price swing
- RES 2: 6819.25 1.500 proj of the Aug 1 - 15 - 20 price swing
- RES 1: 6722.50/6812.25 High Oct 14 / High Sep 9 and the bull trigger
- PRICE: 6711.25 @ 07:23 BST Oct 15
- SUP 1: 6605.62 50-day EMA
- SUP 2: 6540.25 Low Sep 10 and a key short-term support
- SUP 3: 6506.50 Low Sep 5
- SUP 4: 6427.00 Low Sep 2
A sharp sell-off in S&P E-Minis last Friday appears corrective - for now. The contract has found support below the 50-day EMA, currently at 6605.62, and the Oct 10 low of 6940.25 has been defined as a key short-term support. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. The bull trigger is 6812.25, the Sep 9 high. A breach of this hurdle would confirm a resumption of the uptrend.
WTI TECHS: (X5) Bear Trend Extension
- RES 4: $74.79- 2.500 proj of the Apr 9 - 23 - May 5 price swing
- RES 3: $73.39 - High Jun 23 and a bull trigger
- RES 2: $66.42/68.43 - High Sep 29 and key resistance / High Jul 30
- RES 1: $62.47 - 50-day EMA
- PRICE: $58.79 @ 07:20 BST Oct 15
- SUP 1: $57.68 - Low Oct 14
- SUP 2: $57.50 - Low May 30
- SUP 3: $54.89 - Low May 5
- SUP 4: $54.10 - Low Apr 9 and a key support
A bearish theme in WTI futures remains intact and Tuesday’s fresh cycle low reinforces current conditions. The move down last week resulted in a break of support at $60.40, the Oct 2 low. This highlights an extension of the bearish price sequence of lower lows and lower highs and the move down opens $57.50 next, the May 30 low. On the upside, key resistance is at $66.42, the Sep 29 high. First resistance is at $62.47, the 50-day EMA.
GOLD TECHS: Approaching $4200.00
- RES 4: $4317.7 - 3.236proj of the May 15 - Jun 16 - 30 price swing
- RES 3: $4239.7 - 3.000 proj of the May 15 - Jun 16 - 30 price swing
- RES 2: $4200.0 - Round number resistance
- RES 1: $4193.7 - Intraday high
- PRICE: $4189.9 @ 07:26 BST Oct 15
- SUP 1: $4006.5 - Low Oct 10
- SUP 2: $3889.3 - 20-day EMA
- SUP 3: $3819.6 - Low Oct 2
- SUP 4: $3695.8 - 50-day EMA
A bull cycle in Gold remains intact and this week’s extension reinforces current conditions. The move higher maintains the price sequence of higher highs and higher lows. Sights are on the $4200.00 handle, and $4239.7, a Fibonacci projection point. Note that the trend is in overbought territory. A move down would be considered corrective and would allow the overbought set-up to unwind. Support lies at $3889.3, 20-day EMA.
