E-mini S&P 500 (CME:ESU14)
Looking To Sell A Rally And The First Test Of 1955
Equities have held well and continued to grind higher this morning as the S&P 500 reached a new high of 1949. Our one star resistance which aligns with a major retracement level and the 50 and 20 day moving averages is providing headwind just below our major target of 1952.50-1954. Despite poor GDP out of Germany and the Eurozone, the DAX is slightly higher this morning. Putin has said that Russia will do everything it can to stop the conflict in Russia which has helped markets continue to find a path of least resistance higher this week. Earnings season is winding down and statistics show that 75% of S&P 500 companies have beaten expectations. Traders must continue to understand that this is a headline driven market. Support comes in at 1938-1941 and a close below here will encourage the market to consolidate as we head into the weekend.
Resistance – 1946.75-1949*, 1952.50-1954***, 1965**
Support –1938-1941**, 1929.75-1931**, 1923.50*, 1917-1919***, 1913**, 1910.50* 1903-1904**
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