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E-MINI S&P TECHS: (M3) Resumes Its Uptrend

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 Intraday high
  • PRICE: 4219.75 @ 14:29 BST May 19
  • SUP 1: 4116.32/4062.25 50-day EMA / Low May 4 and key support
  • SUP 2: 4052.50 Low Mar 30
  • SUP 3: 4022.75 50.0% retracement of the Mar 13 - May 1 bull leg
  • SUP 4: 4006.00 Low Mar 29

S&P E-minis traded higher again Thursday and the contract has breached key resistance and the bull trigger at 4206.25, the May 1 high. Clearance of this level confirms an extension of the bull trend from Mar 13. This opens 4244.00, the Feb 2 high and the next key short-term resistance. Key support is at 4062.25, the May 4 low. A move through this level would highlight a bearish threat.

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