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E-MINI S&P (M1): Support Remains Intact

EQUITY TECHS
  • RES 4: 4315.90 Bull channel top drawn off the Apr 4 low
  • RES 3: 4267.25 2.0% 10-dma envelope
  • RES 2: 4239.26 1.764 proj of the Feb 1 - Feb 16 - Mar 4 price swing
  • RES 1: 4238.25 Intraday high
  • PRICE: 4230.75 @ 13:37 BST May 10
  • SUP 1: 4126.45 Bull channel base drawn off the Apr 4 low
  • SUP 2: 4120.50 Low May 4
  • SUP 3: 4110.50 Low Apr 20 and key support
  • SUP 4: 4052.90 50-day EMA

The e-mini S&P uptrend remains firmly in place. Last week's gains confirmed a resumption of the uptrend following the break of former resistance at 4211.00, Apr 29 high. This maintains the underlying positive price sequence of higher highs and higher lows with moving average studies also pointing north. The focus is on 4239.25, a Fibonacci projection ahead of 4300.00. Key support has been defined at 4120.50.

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