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E-MINI S&P (M1): Looking For A Break Higher

EQUITY TECHS
  • RES 4: 4260.37 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: 4185.00 High May 21
  • PRICE: 4162.00 @ 06:03 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: 3954.71 100-dma

S&P E-minis traded to a high of 4185.00 last week and this level represents the initial key short-term resistance. A break would signal scope for a climb towards the key resistance and bull trigger at 4238.25, May 10 high. Recent price action has defined a key support at 4029.25, May 13 low where a break is required to signal a short-term top. Note a break lower would also confirm a breach of the 50-day EMA and strengthen a bearish case.

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