📈 Fed's first cut since 2020: Time to buy the dip? See Tech-focused stock picksUnlock AI Picks

Emini S&P: Shorts Need Stops Above 2380

Published 05/19/2017, 06:11 AM
Updated 07/09/2023, 06:31 AM
ESZ24
-

Emini S&P Weekly Chart

Emini S&P strong bounce from 2345 reached our selling opportunity at 2373/75 and this trade worked perfectly as we topped exactly here. We have dipped so far to 2362 but below here meets quite good support at 2355/53. A break below 2348 is more negative and we may then break yesterday's low at 2345/44 for 2341/40 and perhaps as far as 100 day moving average support at 2335/34. Just be aware that any further losses in to next week target the April low at 2323 then better support at 2318/16.

A weekly close below 2348 would be a short term sell signal for the start of next week.

Resistance at 2374/75 could hold again but shorts need stops above 2380. We then meet minor resistance at 2385/86. Above here clears a path to 2394/96 before the all time high at 2403/2404.50

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.