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E-MINI S&P TECHS: (M3) Short-Term Bearish Threat Still Present

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: 4127.43/4206.25 20-day EMA / High May 1
  • PRICE: 4117.50 @ 14:31 BST May 5
  • SUP 1: 4062.25 Low May 4
  • 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 have found some support today. This week’s move lower has resulted in a breach of both the 20- and 50-day EMAs. Furthermore, the contract has pierced a key support at 4068.75, the Apr 26 low. This highlights a bearish threat and a resumption of weakness would open 4022.75, the 50.0% retracement of the Mar 13 - May 1 bull leg. Key resistance is far off at 4206.25, the May 1 high.

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