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E-MINI S&P (M2): Bull Theme Intact

EQUITY TECHS
  • RES 4: 4730.50 High Jan 1
  • RES 3: 4663.50 High Jan 18
  • RES 2: 4578.50 High Feb 9 and a key resistance
  • RES 1: 4548.50 Intraday high
  • PRICE: 4534.50 @ 14:08 GMT Mar 28
  • SUP 1: 4390.96 20-day EMA
  • SUP 2: 4129.50/4094.25 Low Mar 15 / Low Feb 24 and a bear trigger
  • SUP 3: 4055.60 Low May 19 2021 (cont)
  • SUP 4: 4029.25 Low May 13 2021 (cont)

S&P E-Minis are trading closer to recent highs. A bullish theme remains intact following the reversal on Mar 15. The contract has recently cleared both the 20- and 50-day EMAs. The breach of the latter average is an important short-term bullish development and the extension higher has opened 4578.50, the Feb 9 high. Initial support is at 4390.96, the 20-day EMA. A break would be seen as a bearish development.

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