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E-MINI S&P TECHS: (M4) Bull Cycle Remains In Play

EQUITY TECHS
  • RES 4: 5500.00 Round number resistance
  • RES 3: 5490.62 2.382 proj of the Apr 19 - 29 - May 2 price swing
  • RES 2: 5462.77 2.236 proj of the Apr 19 - 29 - May 2 price swing
  • RES 1: 5454.50 High Jun 12
  • PRICE: 5443.00 @ 14:24 BST Jun 13
  • SUP 1: 5311.70/5205.50 20-day EMA / Low May 31 and key support
  • SUP 2: 5155.75 Low May 6
  • SUP 3: 5099.25 Low May 3
  • SUP 4: 5036.25 Low May 2

The uptrend in S&P E-Minis remains intact and the contract traded higher yesterday. Price has recently cleared 5368.25, the May 23 high and bull trigger. The move confirmed a resumption of the uptrend. The continuation higher has resulted in a break of the 5400.00 handle. This opens 5462.77 next, a Fibonacci projection. Key short-term support has been defined at 5205.50, the May 31 low. Initial support lies at 5322.72, the 20-day EMA.

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