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E-MINI S&P (U1): Still In Bull Mode

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: 4379.25 High Jul 12
  • PRICE: 4365.25 @ 14:22 BST Jul 13
  • SUP 1: 4279.25 Low Jul 8
  • SUP 2: 4215.57/4126.75 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

The S&P E-minis trend condition remains in bull mode and price continued to climb yesterday. The recovery from 4279.25, Jul 8 low has delivered a fresh all-time high once again. With the bullish cycle still dominating, attention is on 4400.00 next. On the downside, the contract needs to trade below 4279.25 to signal a potential near-term top. This would signal scope for a deeper corrective pullback.

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