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

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: 4244.00 High Feb 2 and a medium-term bull trigger
  • PRICE: 4198.25 @ 07:56 BST May 31
  • SUP 1: 4165.17/4114.00 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 latest pullback is -for now - considered corrective. Last week’s bounce from 4114.00, May 24 low, means that support around the 50-day EMA remains intact. The average intersects at 4132.56 and a clear break of it is required to signal a reversal. Key resistance is at 4244.00, the Feb 2 high. Clearance of this hurdle would resume the uptrend that started on Mar 13.

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