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E-MINI S&P (U1): Northbound

EQUITY TECHS
  • RES 4: 4542.58 1.236 proj of Jun 21 - Jul 14 - 19 price swing
  • RES 3: 4500.00 Round number resistance
  • RES 2: 4481 75.1.00 proj of Jun 21 - Jul 14 - 19 price swing
  • RES 1: 4420.92 0.764 proj of Jun 21 - Jul 14 - 19 price swing
  • PRICE: 4392.50 @ 06:56 BST Jul 28
  • SUP 1: 4336.88 20-day EMA
  • SUP 2: 4265.62/4224.00 50-day EMA / Low Jul 19 and key support
  • SUP 3: 4126.75 Low Jun 21
  • SUP 4: 4046.00 Low May 19

S&P E-minis dips are considered corrective. Recent gains confirm a resumption of the uptrend and signal scope for a continuation near-term. The sell-off Jul 14 - 19 resulted in a break of 4279.25, Jul 8 low. However the contract found support at the 50-day EMA - the EMA represents an important trend support. The bounce from the EMA is bullish and the focus is on 4420.92 next, a Fibonacci projection. Key support is at 4224.00, Jul 19 low.

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