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E-MINI S&P (M2): Gains Expose Key Short-Term Resistance

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: 4099.00/4191.98 High May 9 / 50-day EMA
  • PRICE: 408150 @ 14:21 BST May 27
  • SUP 1: 3960.50/3807.50 Low May 26 / Low May 20 and bear trigger
  • SUP 2: 3801.97 38.2% of the Mar ‘20 - Jan ‘22 bull leg (cont)
  • 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 remain firm and continue to trade above the 20-day EMA at 4047.83. The break above the average suggests scope for a continuation of the current corrective cycle and attention turns to key short-term resistance at 4099.00, May 9 high. Clearance of this hurdle will strengthen bullish conditions. The broader trend remains down though. The bear trigger is unchanged at 3807.50, May 20 low.

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