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E-MINI S&P (M2): Gains Considered Corrective

EQUITY TECHS
  • RES 4: 4588.75 High Apr 5
  • RES 3: 4509.00 High Apr 21 and a key short-term resistance
  • RES 2: 4375.43 50-day EMA
  • RES 1: 4303.50/4355.50 High Apr 26/28 / Low Apr 18
  • PRICE: 4292.00 @ 05:13 BST May 5
  • SUP 1: 4142.75/4056.00 Low May 4 / 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 rallied sharply higher yesterday, extending the recovery from Monday’s trend low of 4056.75. Broader trend conditions remain bearish and the current bull phase is likely a correction. Initial resistance to watch is at 4303.50, the Apr 26/28 high. A break would suggest scope for an extension higher towards the 50-day EMA at 4375.43. A resumption of weakness would refocus attention on the bear trigger at 4056.00.

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