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E-MINI S&P (M2): Outlook Remains Bearish

EQUITY TECHS
  • RES 4: 4588.75 High Apr 5
  • RES 3: 4509.00 High Apr 21 and a key short-term resistance
  • RES 2: 4342.20 50-day EMA
  • RES 1: 4099.00/4303.50 High May 9 / High Apr 26/28
  • PRICE: 4047.50 @ 14:24 BST May 10
  • SUP 1: 3961.75 Intraday low
  • SUP 2: 3958.00 2.00 proj of the Mar 29 - Apr 18 - 21 price swing
  • SUP 3: 3892.98 2.23 proj of the Mar 29 - Apr 18 - 21 price swing
  • SUP 4: 3843.25 Low Mar 25 2021 (cont)

S&P E-Minis remain vulnerable following last week’s sharp reversal from 4303.00, the May 4 high. Monday’s move lower resulted in a breach of support at 4056.00, the May 2 low. A clear break of this support confirms a resumption of the underlying downtrend and opens 3958.00 next, a Fibonacci projection. On the upside, key resistance has been defined at 4303.50, the Apr 26/28 high.

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