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E-MINI S&P (M2): Eyeing Support

EQUITY TECHS
  • RES 4: 4588.75 High Apr 5
  • RES 3: 4509.00 High Apr 21 and a key short-term resistance
  • RES 2: 4356.65 50-day EMA
  • RES 1: 4303.50 High Apr 26/28
  • PRICE: 4073.00 @ 06:57 BST May 9
  • SUP 1: 4056.00 Low May 2 and the bear trigger
  • SUP 2: 4029.25 High May 13 2021
  • SUP 3: 4000.00 Psychological round number
  • SUP 4: 3958.00 2.00 proj of the Mar 29 - Apr 18 - 21 price swing

S&P E-Minis reversed course last Thursday having failed to clear resistance 4303.50, the Apr 26/28 high. The move lower reinforces underlying bearish conditions - the trend direction remains down. Attention is on the May 2 low of 4056.00 where a break would confirm a resumption of the downtrend and pave the way for a sell-off towards the 4000.00 handle. A break of 4303.50 is required to alter the short-term picture.

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