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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: 4231.00 High Feb 3
  • RES 1: 4227.25 High May 19
  • PRICE: 4160.50 @ 06:59 BST May 24
  • SUP 1: 4153.00 20-day EMA
  • SUP 2: 4124.34/4062.25 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 outlook remains bullish and yesterday’s pullback is considered corrective - for now. Trend signals highlight an uptrend and the focus is on a climb towards 4244.00, the Feb 2 high and the next important resistance. On the downside, the 20-day EMA has been tested. A clear break of it would expose the 50-day EMA which intersects at 4124.34 and marks a key support.

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