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E-MINI S&P (M3): Pullback Considered Corrective

  • RES 4: 4244.00 High Feb 2 and a bull trigger
  • RES 3: 4223.00 High Feb 14
  • RES 2: 4205.50 High Feb 16
  • RES 1: 4200.00 Round number resistance
  • PRICE: 4154.25 @ 14:33 BST Apr 21
  • SUP 1: 4122.47 20-day EMA
  • SUP 2: 4080.70 50-day EMA
  • SUP 3: 3980.75 Low Mar 28
  • SUP 4: 3937.00 Low Mar 24

The trend outlook in S&P E-minis remains bullish and the latest move lower (from Tuesday’s high) is considered corrective. Support to watch lies at 4119.30, the 20-day EMA where a break is required to suggest scope for a deeper pullback - this would expose 4077.86, the 50-day EMA. Attention is on the 4200.00 handle where a breach would resume the uptrend and open 4205.50, Feb 16 high ahead of 4244.00, the Feb 2 high and key resistance.

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