E-MINI S&P (M2): 50-Day EMA Marks The Next Key Resistance

• 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: 4097 25 @ 07:05 BST June 7
• 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

Despite this week’s pullback, S&P E-Minis are still trading closer to recent highs. The contract last week tested the 50-day EMA, at 4178.95 today. A clear breach of this EMA is needed to strengthen bullish conditions and signal scope for a climb towards a key resistance at 4303.50, the Apr 26/28 high. Recent gains are still considered corrective and the primary trend is down. A strong reversal lower would refocus attention on 3807.50, the bear trigger.