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E-MINI S&P (U1): Monitoring The 20-Day EMA

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: 4000.00 Round number resistance
  • RES 1: 4353.25 High Jul 7 and the bull trigger
  • PRICE: 4330.50 @ 14:29 BST Jul 9
  • SUP 1: 4271.36 20-day EMA
  • SUP 2: 4202.85/4126.75 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 sold off sharply yesterday but futures have recovered from the session low. A key near-term support is seen at 4271.36 level marking the 20-day EMA. A break of the EMA is required to signal scope for a deeper sell-off. The recent pullback is considered corrective and bullish trend conditions remain intact. The trigger for a resumption of strength is 4353.25, the Jul 7 high. A break would refocus attention on 4400.00.

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