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E-MINI S&P (M2): Remains Vulnerable

EQUITY TECHS
  • RES 4: 4509.00 High Apr 21 and a key short-term resistance
  • RES 3: 4393.25 High Apr 22
  • RES 2: 4328.66 50-day EMA
  • RES 1: 4099.00/4303.50 High May 9 / High Apr 26/28
  • PRICE: 4010.25 @ 06:57 BST May 11
  • SUP 1: 3953.00 Low May 10
  • SUP 2: 3892.98 2.23 proj of the Mar 29 - Apr 18 - 21 price swing
  • SUP 3: 3843.25 Low Mar 25 2021 (cont)
  • SUP 4: 3820.25 2.50 proj of the Mar 29 - Apr 18 - 21 price swing

S&P E-Minis remain vulnerable following last week’s sharp reversal from 4303.00, May 4 high, and this week’s extension of the downtrend. Monday’s move lower resulted in a breach of support at 4056.00, May 2 low. A clear break of this support confirms a resumption of the underlying downtrend and opens 3892.98 next, a Fibonacci projection. On the upside, key resistance has been defined at 4303.50, the Apr 26/28 high.

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