May 13, 2024 08:16 GMT
E-MINI S&P TECHS: (M4) Bulls Remain In The Driver’s Seat For Now
EQUITY TECHS
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- RES 4: 5333.50 High Apr 1 and the bull trigger
- RES 3: 5285.00 High Apr 10
- RES 2: 5276.46 2.0% 10-dma envelope
- RES 1: 5264.00 High May 10
- PRICE: 5253.00 @ 09:03 BST May 13
- SUP 1: 5136.79 50-day EMA
- SUP 2: 5036.25/4963.50 Low May 2 / Low Apr 19 and the bear trigger
- SUP 3: 4907.57 38.2% retracement of the Oct 27 ‘23 - Apr 1 bull leg
- SUP 4: 4863.75 Low Jan 19
S&P E-Minis traded higher last week, extending the current bull cycle. Price has moved through resistance at the 20-day EMA - a bullish development. This highlights scope for a continuation higher that would expose the key resistance and bull trigger at 5333.50, the Apr 1 high. Initial resistance is 5246.18, a Fibonacci retracement. Initial firm support lies at 5036.25, the May 2 low.
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