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E-MINI S&P (M2): Trend Needle Points North

EQUITY TECHS
  • RES 4: 4730.50 High Jan 1
  • RES 3: 4663.50 High Jan 18
  • RES 2: 4578.50 High Feb 9 and a key resistance
  • RES 1: 4633.44 76.4% retracement of the Jan 4 - Feb 24 downleg
  • PRICE: 4602.75 06:51 GMT Mar 31
  • SUP 1: 4437.23 50-day EMA
  • SUP 2: 4320.25 Low Mar 17
  • SUP 3: 4129.50/4094.25 Low Mar 15 / Low Feb 24 and a bear trigger
  • SUP 4: 4055.60 Low May 19 2021 (cont)

S&P E-Minis traded higher Tuesday, extending the bull cycle that started Mar 15 and the contract is holding onto these recent gains. Bullish conditions have also been reinforced by the recent break of both the 20- and 50-day EMAs. Furthermore, resistance at 4578.50, Feb 9 high has been cleared. The break opens 4663.50, Jan 18 high. Initial firm support is at 4437.23, the 50-day EMA. A break would be seen as a bearish development.

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