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- RES 4: 4280.50 Bull channel top drawn off the Apr 4 low
- RES 3: 4252.26 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: 4171.25 @ 08:50 BST May 5
- SUP 1: 4138.97 20-day EMA
- SUP 2: 4120.50 Low May 4
- SUP 3: 4110.50 Low Apr 20 and key support
- SUP 4: 4091.05 Bull channel base drawn off the Apr 4 low
The e-mini S&P remains below the Tuesday high, but has recovered well off the week's low of 4120.50, providing further evidence that dip buyers remain a key driver for markets. This keeps the outlook bullish and last week saw the contract trade to a cycle high of 4211.00. This once 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.