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

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: 4099.00/4227.44 High May 9 / 50-day EMA
  • PRICE: 3936.50 @ 14:16 BST May 23
  • SUP 1: 3807.50 Low May 20
  • SUP 2: 3801.97 38.2% of the Mar ‘20 - Jan ‘22 bull leg (cont)
  • 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

S&P E-Minis remain vulnerable following the reversal from last Wednesday’s high of 4095.00. This left the initial key resistance - 4099.00, May 9 high - intact. The reversal lower, and Friday’s fresh trend low, signals a resumption of the downtrend and opens 3801.97, 38.2% of the Mar ‘20 - Jan ‘22 bull leg (cont). Clearance of 4099.00 is required to ease the bearish threat and signal a potential short-term reversal.

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