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E-MINI S&P (M1): Bullish Theme Dominates

EQUITY TECHS
  • RES 4: 4296.44 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: 4230.00 High Jun 1
  • PRICE: 4207.25 @ 14:06 BST Jun 2
  • SUP 1: 4142.50 Low May 24
  • SUP 2: 4055.60 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 outlook remains bullish although price is currently in consolidation mode. The contract breached former resistance at 4185.00 last week, May 21 high. Recent gains reinforce 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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