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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: 4099.00/4197.54 High May 9 / 50-day EMA
  • PRICE: 3969.50 @ 06:36 BST May 26
  • SUP 1: 3807.50 Low May 20 and the bear trigger
  • 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 continue to above recent lows, but remain vulnerable. This follows the reversal from 4095.00 on May 18. The pullback has left key resistance at 4099.00 intact, May 9 high. The move lower, and last Friday’s trend low, opens 3801.97 next, 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 base.

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