E-Mini S&P 500: the short term view is strongly bullish

New bullish technical picture for E-Mini S&P 500. The short term view is strongly bullish.

E-Mini S&P 500 February 21, 2017 close was at 2360 (+0.51%). New bullish technical picture drawn on daily chart (high2 < high1, high1 < high, low2 < low1, low1 < low, close > close1, close1 > close2). Marked the third consecutive positive trading session, for intraday trading session the technical view is positive and leaves assume the up-trend continuation. However, we can’t exclude retracements towards the most significant support levels. The major oscillators confirm the upward trend. We suggest to monitore today closing.

E-Mini S&P 500 bullish

View the interactive chart on ProRealTime.com

Simple Moving Average (SMA)
Prices are above the 14 days moving average (SMA value is 2318.84). The short term view is strongly bullish, however for today trading session we can’t exclude retracements towards the most significant support levels.
Volumes
Daily chart shows an increase in volumes compared to the previous day.


Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 21/02/2017.

Performance: 7 trading days= +1.45% – 15 trading days= +3.76% – 30 trading days= +3.94%

Resistance levels: R1= 2367 – R2= 2374 – R3= 2390
Pivot Point: 2358
Support levels: S1= 2351 – S2= 2342 – S3= 2326


Buying opportunity above 2364.75 targets minor resistance at 2373.75 and perhaps as far as strong resistance at 2380.75, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 2406.25.

Selling opportunity below 2345.75 targets minor support at 2336.5 and perhaps as far as strong support at 2329.5, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 2303.75.

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