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

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: 4191.00 @ 14:34 BST May 23
  • SUP 1: 4156.44 20-day EMA
  • SUP 2: 4123.13/4062.25 50-day EMA / 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 trend needle continues to point north and today’s pullback is considered corrective. The contract traded higher last week and breached key resistance and the bull trigger at 4206.25, the May 1 high. Clearance of this level confirms an extension of the bull trend from Mar 13 and opens 4244.00, Feb 2 high and the next important resistance. Key support is 4062.25, May 4 low. Initial support lies at 4156.44, the 20-day EMA.

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