E-MINI S&P (M1): Pullback Extends

• RES 4: 4264.32 2.0% 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: 4185.50 High May 12
• PRICE: 4044.00 @ 08:47 BST May 13
• SUP 1: 4042.75 Low May 13
• SUP 2: 4028.42 3.0% 10-dma Envelope
• SUP 3: 4021.00 Low Apr 5
• SUP 4: 3932.86 100-dma

The pullback in the S&P E-mini is extending early Thursday, taking out nearby support and edging below the 50-dma at 4052.82. A close below would be the first since early March. Today's weakness has extended the pullback from the alltime high to near 5%, so the index is far from entering correction territory just yet. The longevity of the recent sell-off will depend on the ability for the index to hold above key support at 3994.14. A break below here opens a decline toward 3843.25, which would be well on the way to a technical correction.