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E-MINI S&P (U1): Consolidating Ahead Of Key Resistance

EQUITY TECHS
  • RES 4: 4324.97 3.0% 10-dma envelope
  • RES 3: 4300.00 Round Number Resistance
  • RES 2: 4228.25 High May 10 and the bull trigger
  • RES 1: 4227.00 High Jun 8
  • PRICE: 4212.50 @ 06:58 BST Jun 10
  • SUP 1: 4155.50 Low Jun 3
  • SUP 2: 4118.76/4046.00 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 trend outlook is unchanged and remains bullish. Recent gains reinforced the bullish significance of the recovery in May from support defined by the 50-day EMA - the average was tested twice in May. Attention is on key resistance and the bull trigger at 4228.25, May 10 high where a break would confirm a resumption of the uptrend. Initial firm support is at 4046.00, May 19 low. Last week's low of 4155.50 marks the first support.

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