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E-MINI S&P (M1): Pulling Away From Yesterday's High

EQUITY TECHS
  • RES 4: 4280.65 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: 4179.50 High May 18
  • PRICE: 4091.25 @ 09:33 BST May 19
  • SUP 1: 4072.74 50-day EMA
  • SUP 2: 4029.25 Low May 13 and key short-term support
  • SUP 3: 4021.00 Low Apr 5
  • SUP 4: 3937.12 100-dma

S&P E-minis are pulling away from the high print of 4179.50 yesterday. Futures are approaching the 50-day EMA at 4072.74 which represents an important support area. Last week's low of 4029.25 however marks the key short-term support where a break is required to signal a top and highlight the potential for a deeper pullback. A break above 4179.50 is required to offset bearish concerns.

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