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

• 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: 4191.98 50-day EMA
• PRICE: 4168.00 @ 22:33 BST May 29
• 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 the 50-day EMA at 4192.00. 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.