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E-MINI S&P (M1): Stable Above Support

EQUITY TECHS
  • RES 4: 4298.20 Bull channel top drawn off the Apr 4 low
  • RES 3: 4254.99 2.0% 10-dma envelope
  • RES 2: 4239.26 1.764 proj of the Feb 1 - Feb 16 - Mar 4 price swing
  • RES 1: 4211.00 High Apr 29
  • PRICE: 4163.14 @ 14:27 BST May 6
  • SUP 1: 4120.50 Low May 4
  • SUP 2: 4110.50 Low Apr 20 and key support
  • SUP 3: 4108.50 Bull channel base drawn off the Apr 4 low
  • SUP 4: 4039.77 50-day EMA

The e-mini S&P is consolidating and remains below Tuesday's high. The recovery from the Tuesday low provides further evidence that dip buyers remain a key driver for markets. Furthermore, key support at 4110.50, May 4 low and 4108.75, a bull channel base remain intact. This keeps the outlook bullish with the focus on 4211.00, Apr 29 high and the bull trigger. A break would open 4239.96, a Fibonacci projection.

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