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E-MINI S&P TECHS: (M3) Clears Key Resistance

EQUITY TECHS
  • RES 4: 4327.50 High Aug 16 2022 (cont)
  • RES 3: 4300.00 Round number resistance
  • RES 2: 4288.00 High Aug 19 2022
  • RES 1: 4257.00 Intraday high
  • PRICE: 4252.50 @ 14:23 BST Jun 2
  • SUP 1: 4173.34/4114.00 20-day EMA / Low May 24
  • SUP 2: 4062.25 Low May 4 and key support
  • SUP 3: 4052.50 Low Mar 30
  • SUP 4: 4022.75 50.0% retracement of the Mar 13 - May 1 bull leg

S&P E-minis trend conditions remain bullish and the contract is trading higher today. Resistance at 4244.00, the Feb 2 high and a medium-term bull trigger, has been cleared. The break reinforces bullish conditions and confirms a resumption of the uptrend that started in October 2022. This opens 4288.00 next, the Aug 19 2022 high. The 50-day EMA, at 4138.48 remains a key support. A break of this average is required to signal a reversal.

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