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E-MINI S&P (U1): 50-Day EMA Provides Support

EQUITY TECHS
  • RES 4: 4415.48 1.00 proj of Mar 25 - May 10 - 13 price swing
  • RES 3: 4400.00 Round number resistance
  • RES 2: 4384.50 High Jul 14 and the bull trigger
  • RES 1: 4320.75 High Jul 19
  • PRICE: 4318.00 @ 07:03 BST Jul 21
  • SUP 1: 4224.00 Low Jul 19
  • SUP 2: 4187.58 61.8% retracement of the Jun 21 - Jul 14 rally
  • SUP 3: 4126.75 Low Jun 21
  • SUP 4: 4046.00 Low May 19

S&P E-minis started the week on a softer note but has found support at Monday's low. Recent weakness resulted in a break of 4279.25, Jul 8 low. This highlights a short-term trend top and suggests scope for a deeper corrective pullback. Note that the contact has tested the 50-day EMA at 4239.07 and the average has so far provided support. If the average holds and price remains above 4224.00, this would represent a bullish signal.

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