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E-MINI S&P (M1): Key Resistance Still Exposed

EQUITY TECHS
  • RES 4: 4331.74 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: 4236.75 High Jun 8
  • PRICE: 4231.75 @ 13:46 BST Jun 9
  • SUP 1: 4165.25 Low Jun 3
  • SUP 2: 4125.06/4055.60 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 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. Last week's low of 4165.25 marks the first support.

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