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

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: 4223.00 High Feb 14
  • RES 1: 4206.25 High May 1
  • PRICE: 4176.00 @ 14:28 BST May 2
  • SUP 1: 4135.41/4068.75 20-day EMA / Low Apr 26
  • SUP 2: 4061.11 38.2% retracement of the Mar 13 - Apr 18 bull leg
  • SUP 3: 4052.50 Low Mar 30
  • SUP 4: 4018.75 50.0% retracement of the Mar 13 - Apr 18 bull leg

S&P E-minis rallied late last week to erase the sell-off earlier in the week and cancel a bearish threat. The contract traded higher Monday, piercing resistance at 4198.25, the Apr 18 high. Clearance of this level would confirm a resumption of the uptrend that started Mar 13 and open 4244.00, the Feb 2 high. On the downside, key short-term support has been defined at 4068.75, the Apr 26 low. A break would be bearish.

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  • RES 4: 4288.00 High Aug 19 2022
  • RES 3: 4244.00 High Feb 2 and a medium-term bull trigger
  • RES 2: 4223.00 High Feb 14
  • RES 1: 4206.25 High May 1
  • PRICE: 4176.00 @ 14:28 BST May 2
  • SUP 1: 4135.41/4068.75 20-day EMA / Low Apr 26
  • SUP 2: 4061.11 38.2% retracement of the Mar 13 - Apr 18 bull leg
  • SUP 3: 4052.50 Low Mar 30
  • SUP 4: 4018.75 50.0% retracement of the Mar 13 - Apr 18 bull leg

S&P E-minis rallied late last week to erase the sell-off earlier in the week and cancel a bearish threat. The contract traded higher Monday, piercing resistance at 4198.25, the Apr 18 high. Clearance of this level would confirm a resumption of the uptrend that started Mar 13 and open 4244.00, the Feb 2 high. On the downside, key short-term support has been defined at 4068.75, the Apr 26 low. A break would be bearish.