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

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: 4143.50 @ 14:30 BST May 3
  • SUP 1: 4098.34/4068.75 50-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 traded lower Tuesday and the contract breached the 20-day EMA. The move lower appears to be a correction - for now. Trend conditions remain bullish with moving average studies in a bull-mode set-up. The focus is on 4206.25, the May high and bull trigger. A break would confirm a resumption of the uptrend and open 4223.00, the Feb 14 high. Initial support to watch is 4098.34, the 50-day EMA.

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