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E-MINI S&P (M1): Remains Vulnerable

EQUITY TECHS
  • 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: 4117.50 @ 13:52 BST May 12
  • SUP 1: 4095.50 Intraday low
  • SUP 2: 4058.02 50-day EMA
  • SUP 3: 4055.29 3.0% 10-dma Envelope
  • SUP 4: 4021.00 Low Apr 5

S&P E-minis remain vulnerable following this week's pullback. Two support levels have given way, with the 4135.30 bull channel base drawn off the Mar 4 low and 4110.50, the Apr 20 low failing to support prices this week. The contract remains vulnerable and an extension lower would signal potential for a move towards 4061.48, the 50-day EMA. Initial resistance is seen at Tuesday's 4185.50 high ahead of the key 4238.25 level, May 10 high.

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