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E-MINI S&P (M1): Clears Last Week's High

  • RES 4: 4261.44 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: 4206.25 High May 21
  • PRICE: 4201.75 @ 06:55 BST May 24
  • 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: 3959.51 100-dma

S&P E-minis started the week on a firm note trading higher yesterday and breaching initial resistance at 4185.00, May 21 high. This 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 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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