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E-MINI S&P (M2): Fails To Breach The 50-Day EMA

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: 4169.30/4202.25 50-day EMA / High May 31
  • PRICE: 3943.00 @ 14:23 BST June 10
  • SUP 1: 3872.00/3807.50 Low May 24 / 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 have failed to overcome resistance at the 50-day EMA - the average intersects at 4169.30. Futures are weak again today, extending the latest reversal lower. A deeper pullback would pave the way for weakness towards the key support and bear trigger at 3807.50, the May 20 low. A breach of this level would resume the downtrend. Key short-term resistance, just above the 50-day EMA, is at 4202.25, May 31 high.

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