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E-MINI S&P (M2): Maintains A Firmer Tone

EQUITY TECHS
  • RES 4: 4509.00 High Apr 21
  • RES 3: 4393.25 High Apr 22
  • RES 2: 4303.50 High Apr 26/28 and a key short-term resistance
  • RES 1: 4181.33/4202.25 50-day EMA / High May 31
  • PRICE: 4149.50 @ 14:24 BST June 6
  • SUP 1: 3960.50/3807.50 Low May 26 / Low May 20 and bear trigger
  • SUP 2: 3801.97 38.2% of the Mar ‘20 - Jan ‘22 bull leg (cont)
  • SUP 3: 3787.74 2.618 proj of the Mar 29 - Apr 18 - 21 price swing
  • SUP 4: 3747.52 2.764 proj of the Mar 29 - Apr 18 - 21 price swing

S&P E-Minis maintain a firmer tone and are trading closer to recent highs. The contract last week tested the 50-day EMA, at 4181.33 today. A clear breach of this EMA would strengthen current bullish conditions and signal scope for a climb towards a key resistance at 4303.50, the Apr 26/28 high. Recent gains however are still considered corrective and the primary trend is down. A reversal lower would refocus attention on 3807.50, the bear trigger.

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