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E-MINI S&P (U1): Approaching the All-Time High

EQUITY TECHS
  • RES 4: 4322.15 1.764 proj of Mar 25 - May 10 - 13 price swing
  • RES 3: 4300.00 Round Number Resistance
  • RES 2: 4264.41 1.618 proj of Mar 25 - May 10 - 13 price swing
  • RES 1: 4258.25 High Jun 16 and the bull trigger
  • PRICE: 4250.50 @ 14:07 BST Jun 24
  • SUP 1: 4126.75 Low Jun 21 and key short-term support
  • SUP 2: 4100.00 Round number support
  • SUP 3: 4020.20 Low May 13 and key short-term support
  • SUP 4: 3967.00 High Mar 18

S&P E-minis are firmer. The contract tested the 50-day EMA Monday at 4145.50 and the average provided support. The rally from the EMA on Jun 21 is also potentially an important bull signal and in pattern terms is a bullish piercing candle pattern signalling the end of the recent correction. The key bull trigger is at 4258.25, Jun 15 high. A break would confirm a resumption of the broader uptrend. 4126.75, low Jun 21 is key short-term support.

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