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E-MINI S&P (M2): Reversal Lower Signals Resumption Of Downtrend

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: 4099.00/4254.88 High May 9 / 50-day EMA
  • PRICE: 3919.00 @ 06:57 BST May 19
  • SUP 1: 3855.00/3843.25 Low May 12 / Low Mar 25 2021 (cont)
  • SUP 2: 3820.25 2.50 proj of the Mar 29 - Apr 18 - 21 price swing
  • 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

Recent gains in the S&P E-Minis are considered corrective with the primary trend direction still down. The contract found resistance at Wednesday’s high of 4095.00, resulting in a steep pullback. This signals a resumption of the primary downtrend and attention is on support and bear trigger at 3855.00, May 12 low. A break would resume the downtrend and open 3843.25, the Mar 25 2021 low (cont). Initial resistance to watch is at 4099.00, May 9 high.

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