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E-MINI S&P (U1): Still Defying Gravity

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: 4348.00 Intraday high
  • PRICE: 4340.50 @ 06:46 BST Jul 6
  • SUP 1: 4250.32 20-day EMA
  • SUP 2: 4186.47/26.75 50-day EMA / Low Jun 21 and key S/T support
  • SUP 3: 4100.00 Round number support
  • SUP 4: 4020.20 Low May 13 and key short-term support

S&P E-minis ended last week on a firm note, rallying once again to an all-time high. This maintains the bullish theme and a positive price sequence. The contract recently recovered from support near the 50-day EMA and this reinforces bullish conditions. 4322.15 has been cleared, 0.764 projection of the Mar 25 - May 10 - 13 price swing. Attention shifts to the 4400.00 handle. Initial support lies at 4250.32, the 20-day EMA.

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Energy BulletsCommodities

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