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E-MINI S&P (M1): Approaching First Resistance

EQUITY TECHS
  • RES 4: 4267.93 3.0% 10-dma envelope
  • RES 3: 4239.26 1.764 proj of the Feb 1 - Feb 16 - Mar 4 price swing
  • RES 2: 4238.25 High May 10 and the bull trigger
  • RES 1: 4179.50 High May 18
  • PRICE: 4171.50 @ 12:49 BST May 21
  • SUP 1: 4055.60 Low May 19
  • SUP 2: 4029.25 Low May 13 and key short-term support
  • SUP 3: 4021.00 Low Apr 5
  • SUP 4: 3950.29 100-dma

S&P E-minis earlier this week pulled away from the high print Tuesday of 4179.50. Futures also tested the 50-day EMA at 4074.26 that represents an important area of support. Last week's low of 4029.25 however marks the key short-term support where a break is required to signal a top and highlight the potential for a deeper pullback. The contract is approaching 4179.50. A break would again open the key resistance at 4238.25, May 10 high.

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