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

• RES 4: 4663.50 High Jan 18
• RES 3: 4631.00 High Mar 29 and a key resistance
• RES 2: 4588.75 High Apr 5
• RES 1: 4519.75 High Apr 8
• PRICE: 4478.50 @ 06:53 BST Apr 21
• SUP 1: 4355.50 Low Apr 18 and the bear trigger
• SUP 2: 4321.07 61.8% retracement of the Mar 15 - Mar 29 rally
• SUP 3: 4247.89 76.4% retracement of the Mar 15 - Mar 29 rally
• SUP 4: 4129.50 Low Mar 15

S&P E-Minis gains are considered corrective and near-term conditions remain bearish despite this week’s climb. This follows the strong sell-off from 4631.00, the Mar 29 high. A resumption of weakness would refocus attention on 4321.07, a Fibonacci retracement. The bear trigger is 4355.50, Apr 18 low. Initial firm resistance has been established at 4519.75, the Apr 8 high A break would ease the bearish threat and represent a potential bullish development.