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E-MINI S&P TECHS: (M3) Remains Above Key Support

  • 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: 4097.50 @ 15:44 BST May 4
  • SUP 1: 4068.75 Low Apr 26 and a key support
  • 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 have traded to a low of 4075.50 today. The contract has found support and this leaves price above a key short-term level at 4068.75, the Apr 26 low. A break of this level would signal scope for a deeper short-term pullback. From a trend perspective, the condition remains bullish - moving average studies are in a bull-mode position. Clearance of 4206.25, Tuesday’s high, would confirm a resumption of the trend.

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