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E-MINI S&P (M2): Approaching Key Support

EQUITY TECHS
  • RES 4: 4631.00 High Mar 29 and key resistance
  • RES 3: 4588.75 High Apr 5
  • RES 2: 4509.00 High Apr 21 and a key short-term resistance
  • RES 1: 4303.50/4355.50 High Apr 26/28 / Low Apr 18
  • PRICE: 4138.00 @ 06:59 BST May 2
  • SUP 1: 4116.75 Intraday low
  • SUP 2: 4094.25 Low Feb 24 and a bear trigger
  • SUP 3: 4063.24 1.618 proj of the Mar 29 - Apr 18 - 21 price swing
  • SUP 4: 4029.25 High May 13 2021

S&P E-Minis remain in a downtrend. Friday’s sell-off has reinforced bearish conditions and confirmed a resumption of the bear cycle. Attention is on 4094.25, the Feb 24 low and a major support. A breach of this level would further strengthen bearish conditions. Moving average studies are in a bear mode once again, highlighting current sentiment. Firm short-term resistance is at 4303.5.

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