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E-MINI S&P TECHS: (M3) Corrective Bear Cycle Still In Play
- RES 4: 4288.00 High Aug 19 2022
- RES 3: 4244.00 High Feb 2 and a medium-term bull trigger
- RES 2: 4231.00 High Feb 3
- RES 1: 4227.25 High May 19
- PRICE: 4147.00 @ 14:34 BST May 25
- SUP 1: 4114.00 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 traded lower Wednesday and this resulted in a test of the 50-day EMA at 4124.40. A clear break of this average would highlight a stronger short-term reversal and expose 4062.25, the May 4 low and a key support. Price has recovered today. A continuation higher would refocus attention on initial key resistance at 4227.25, the May 19 high. Clearance of this hurdle would resume the uptrend that started on Mar 13.
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