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E-MINI S&P (M2): Gains Appear Corrective In Nature

EQUITY TECHS
  • RES 4: 4509.00 High Apr 21
  • RES 3: 4393.25 High Apr 22
  • RES 2: 4303.50 High Apr 26/28 and a key short-term resistance
  • RES 1: 4099.00/4275.94 High May 9 / 50-day EMA
  • PRICE: 4064.25 @ 14:44 BST May 17
  • SUP 1: 3855.00/3843.25 Low May 12 / Low Mar 25 2021 (cont)
  • SUP 2: 3820.25 2.50 proj of the Mar 29 - Apr 18 - 21 price swing
  • SUP 3: 3787.74 2.618 proj of the Mar 29 - Apr 18 - 21 price swing
  • SUP 4: 3747.52 2.764 proj of the Mar 29 - Apr 18 - 21 price swing

S&P E-Minis short-term gains are considered corrective and the primary trend direction remains down. Last week’s continuation lower and fresh cycle lows, reinforce the primary bearish trend condition and signals scope for a continuation lower. The next objective is 3843.25, the Mar 25 2021 low (cont). In terms of resistance, the key short-term level is 4303.50, the Apr 26/28 high. Initial resistance is at 4099.00, the May 9 high.

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