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E-MINI S&P (M1): Bullish Price Structure

EQUITY TECHS
  • RES 4: 4265.49 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: 4212.75 High May 25
  • PRICE: 4197.75 @ 05:55 BST May 26
  • 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: 3963.98 100-dma

S&P E-minis started this week on a firm note and breached initial resistance at 4185.00, May 21 high. The move higher reinforces the bullish significance of the recent recovery from support defined by the 50-day EMA that has been tested twice this month. The break higher also refocuses attention on key resistance and the bull trigger at 4238.25, May 10 high. On the downside, initial firm support is at 4055.50, May 19 low.

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