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E-mini S&P Key Support Exposed

  • S&P E-minis continue to face resistance.
  • Two support levels have been exposed; 4135.30, the bull channel base drawn off the Mar 4 low and 4110.50, the Apr 20 low.
  • A break of the latter would confirm a channel breakout and signal potential for a deeper corrective sell-off.
  • Price needs trade above today's 4185.50 high to ease the developing bearish threat.
  • Key resistance has been defined at yesterday's high of 4238.25
  • Support levels to watch:
    • SUP 1: 4120.50 Low Apr 4
    • SUP 2: 4110.50 Low Apr 20 and key support
    • SUP 3: 4058.02 50-day EMA
    • SUP 4: 4021.00 Low Apr 5

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