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E-MINI S&P (U1): Corrective Pullback

EQUITY TECHS
  • RES 4: 4508.82 1.236 proj of Mar 25 - May 10 - 13 price swing
  • RES 3: 4415.48 1.00 proj of Mar 25 - May 10 - 13 price swing
  • RES 2: 4400.00 Round number resistance
  • RES 1: 4384.50 High Jul 14
  • PRICE: 4352.75 @ 07:11 BST Jul 15
  • SUP 1: 4279.25 Low Jul 8
  • SUP 2: 4227.03/4126.75 50-day EMA / Low Jun 21 and key support
  • SUP 3: 4100.00 Round number support
  • SUP 4: 4020.20 Low May 13 and key short-term support

S&P E-minis are correcting lower today. The trend condition remains bullish though and price has confirmed a fresh all-time high again this week. Moving average studies continue to point north too, reinforcing current conditions. Attention is on 4400.00 next. On the downside, the contract needs to trade below 4279.25, Jul 8 low to signal a potential near-term top. This would suggest scope for a deeper corrective pullback.

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