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E-MINI S&P TECHS: (M3) Corrective Cycle Extends

EQUITY TECHS
  • 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: 4135.25 @ 14:31 BST May 24
  • SUP 1: 4124.34 50-day EMA
  • 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

The S&P E-minis outlook remains bullish, however, the contract has entered a short-term corrective cycle. Price has breached the 20-day EMA and this exposes a more important support at 4124.34, the 50-day EMA. A clear break of this average would highlight a stronger short-term reversal and open 4062.25, the May 4 low. Initial key resistance has been defined at 4227.25, the May 19 high.

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