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E-MINI S&P (U1): Northbound

EQUITY TECHS
  • RES 4: 4344.98 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: 4258.25 High Jun 15
  • PRICE: 4236.25 @ 13:57 BST Jun 16
  • SUP 1: 4194.57/55.50 20-day EMA / Low Jun 3
  • SUP 2: 4136.27/4046.00 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 maintain a bullish tone and the recent shallow pullback is considered a correction. The contract recently moved above 4228.25 on May 10. The break confirms a resumption of the uptrend and signals potential for gains to 4264.41 next, a Fibonacci projection. Further out, the break higher also opens 4300.00. Initial firm support is at 4155.50, Jun 3 low. The broader medium-term trend support is unchanged at 4020.00, May 13 low.

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