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E-MINI S&P (M3): Nearing Overbought

EQUITY TECHS
  • RES 4: 4205.50 High Feb 16
  • RES 3: 4148.48 76.4% retracement of the Feb 2 - Mar 13 downleg
  • RES 2: 4119.50/4143.9 High Mar 6 / 3.0% 10-dma envelope
  • RES 1: 4118.00 High Mar 31
  • PRICE: 4117.50 @ 17:04 BST Mar 31
  • SUP 1: 4012.49 20-day EMA
  • SUP 2: 3937.00/3897.25 Low Mar 24 / 20
  • SUP 3: 3839.25 Low Mar 13
  • SUP 4: 3822.00 Low Dec 22 and a key support

Upside in the e-mini S&P persisted through the London close as the post-PCE rally continued. This tipped prices north of resistance at the Mar 6 high of 4116.50 and also above the 2.0% 10-dma envelope (4103.6) - a level that historically indicates the index can appear technically overbought. Nonetheless, further strength here opens 4148.48, the 76.4% retracement of the Feb 2 - Mar 13 downleg. The 20-day EMA of 4012.50 remains as support.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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