E-Mini S&P 500 Could Retest Last Week's High
Jason Sen | Nov 04, 2013 04:00AM ET
E-mini S&P Dec13 has resistance at 1761/63 but there is a chance of a break above here for a retest of last week's high at 1773.
We are looking for a double top here to confirm our short term negative signal. Use this as a low risk selling opportunity therefore with stops above 1779.
Below 1757 however risks a slide to 1753. A low for the day is possible here but if we continue lower look for a retest of last week's low at 1747. Any further weakness presents a buying opportunity at 1742/41 at this stage.
Weekly outlook: A collapse is not expected but we are looking for a negative pattern to build this week which will act as a sell signal. Most likely is a double top at 1773.
Weekly support at 1742/41 then 1722/21 which should hold the downside for a buying opportunity
Get The News You Want
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.