E-Mini S&P 500: technical view leaves assume further price extensions

Marked a series of 3 consecutive higher highs. For intraday trading session E-Mini S&P 500 technical view leaves assume further price extensions.

E-Mini S&P 500 yesterday close was at 2108.30 (+0.50%). Marked a series of 3 consecutive higher highs. For intraday trading session the technical view is positive and leaves assume further price extensions. However, retracements towards the most significant support levels could be considered. The major oscillators confirm the upward trend.

E-Mini S&P 500 technical view

View the interactive chart on ProRealTime.com

Simple Moving Average (SMA)
The price is above the 14 days moving average (SMA value is 2080.35). The short term view is bullish.
Volumes
Daily chart shows volume is lower than the previous day. This could be a sign of a significant move to come.


Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 06/06/2016.

Performance: 7 trading days= +0.52% – 15 trading days= +3.17% – 30 trading days= +0.95%

Resistance levels: R1= 2115.75 – R2= 2123 – R3= 2141.25
Pivot Point: 2104.75
Support levels: S1= 2097.50 – S2= 2086.50 – S3= 2068.25


Buying opportunity above 2116.25 targets minor resistance at 2125 and perhaps as far as strong resistance at 2131, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 2153.50.

Selling opportunity below 2099.75 targets minor support at 2091.75 and perhaps as far as strong support at 2085.50, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 2062.25.