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E-Mini S&P: 50-DAY EMA Again Provides Support

  • The recent pullback in S&P E-minis suggests the contract has entered a corrective cycle.
  • However, price tested the 50-day EMA yesterday at 4145.50 and the average has provided support, as it has done on a number of occasions this year.
  • Yesterday's rally is also potentially an important bull signal and in pattern terms is a bullish piercing pattern.
  • The key bull trigger is at 4258.25, Jun 15 high.
  • 4126.75, low Jun 21 is key short-term support.

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