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

EQUITY TECHS
  • RES 4: 4262.580 Bull channel top drawn off the Apr 4 low
  • RES 3: 4249.36 2.0% 10-dma envelope
  • RES 2: 4239.26 1.764 proj of the Feb 1 - Feb 16 - Mar 4 price swing
  • RES 1: 4211.00 High Apr 29
  • PRICE: 4181.75 @ 13:02 BST Apr 30
  • SUP 1: 4163.75 Low Apr 26
  • SUP 2: 4121.99 20-day EMA
  • SUP 3: 4110.50 Low Apr 20 and key support
  • SUP 4: 4073.35 Bull channel base drawn off the Apr 4 low

The e-mini S&P is off recent highs and trading back inside the most recent consolidative range. The outlook remains bullish and yesterday saw the contract trade to a cycle high of 4211.00. This again confirms a resumption of the uptrend as the price sequence of higher highs and higher lows extends. The focus is on 4239.96, the 1.764 projection of the Feb 1 - Feb 16 - Mar 4 price swing. Key short-term support is unchanged at 4110.50, Apr 20 low.

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