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E-MINI S&P (U1): Broader Uptrend Resumes

EQUITY TECHS
  • RES 4: 4329.67 3.0% 10-dma envelope
  • RES 3: 4300.00 Round Number Resistance
  • RES 2: 4264.41 1.618 proj of Mar 25 - May 10 - 13 price swing
  • RES 1: 4239.50 High Jun 10
  • PRICE: 4231.50 @ 06:57 BST Jun 11
  • SUP 1: 4155.50 Low Jun 3
  • SUP 2: 4123.10/4046.00 50-day EMA / Low May 19
  • SUP 3: 4020.20 Low May 13 and key short-term support
  • SUP 4: 4005.50 Low Apr 5

S&P E-minis traded higher yesterday and price moved above the contracts former high of 4228.25 on May 10. The break confirms a resumption of the broader uptrend and signals potential for a fresh round of gains with the next objective at 4264.41, a Fibonacci projection. Further out, the break higher also opens 4300.00 next. Initial firm support is at 4155.00, Jun 3 low. The broader medium-term trend support is at 4020.00, May 13 low.

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