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E-MINI S&P (M2): Consolidating

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: 4178.11/4202.25 50-day EMA / High May 31
  • PRICE: 4109.00 @ 06:50 BST June 9
  • 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 are in consolidation mode. The current sideways move appears to be a bull flag, this reinforces short-term bullish conditions. Attention is on the 50-day EMA, at 4178.11 today. A clear break of this EMA would strengthen a bullish outlook and open 4303.50, the Apr 26/28 high. Gains are still considered corrective however and the primary trend direction is down. First support to watch is 3960.50, May 26 low.

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