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E-MINI S&P (M2): Bullish While Above The 50-Day EMA

EQUITY TECHS
  • RES 4: 4800.00 High Apr 1 and the bull trigger
  • RES 3: 4730.50 High Jan 1
  • RES 2: 4663.50 High Jan 18
  • RES 1: 4633.44 76.4% retracement of the Jan 4 - Feb 24 downleg
  • PRICE: 4577.75 @ 14:48 BST Apr 5
  • SUP 1: 4449.97 50-day EMA
  • SUP 2: 4320.25 Low Mar 17
  • SUP 3: 4129.50/4094.25 Low Mar 15 / Low Feb 24 and a bear trigger
  • SUP 4: 4055.60 Low May 19 2021 (cont)

The S&P E-Minis outlook remains bullish and the most recent pullback is considered corrective. Bullish conditions have been reinforced by the recent break above both the 20- and 50-day EMAs. Furthermore, resistance at 4578.50, Feb 9 high has been cleared. This opens, 4663.50, the Jan 18 high. Initial firm support is at 4449.97, the 50-day EMA. A clear break of this average would be seen as a bearish development.

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