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

EQUITY TECHS
  • RES 4: 4320.85 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: 4232.50 Intraday high
  • PRICE: 4221.25 @ 06:58 BST Jun 7
  • SUP 1: 4142.50 Low May 24
  • SUP 2: 4116.66/4055.60 50-day EMA / Low May 19
  • SUP 3: 4029.25 Low May 13 and key short-term support
  • SUP 4: 4021.00 Low Apr 5

S&P E-minis rebounded Friday. The trend outlook is unchanged and remains bullish. Recent gains resulted in a break of 4185.00, May 21 high reinforcing the bullish significance of the recovery in May from support defined by the 50-day EMA - the average was tested twice in May. Attention is on key resistance and the bull trigger at 4238.25, May 10 high. Initial firm support is at 4055.50, May 19 low.

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