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E-MINI S&P (M3): Bull Cycle Remains In Play

EQUITY TECHS
  • RES 4: 4223.00 High Feb 14
  • RES 3: 4205.50 High Feb 16
  • RES 2: 4148.48 76.4% retracement of the Feb 2 - Mar 13 downleg
  • RES 1: 4142.50 High Mar 31
  • PRICE: 4133.25 @ 14:31 BST Apr 3
  • SUP 1: 4078.00 Low Mar 31
  • SUP 2: 4027.87 50-day EMA
  • SUP 3: 3980.75 Low Mar 28
  • SUP 4: 3937.00 Low Mar 24

S&P E-minis maintains a bullish tone and the contract is trading at its recent highs. Price has breached resistance at 4119.50, reinforcing the bullish conditions. The move higher exposes 4148.48, a Fibonacci retracement. Clearance of this level would signal scope for an extension towards 4205.50, the Feb 16 high ahead of 4244.00, the Feb 2 high and a key medium-term resistance. Firm support lies at 4027.87, the 50-day EMA.

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