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E-MINI S&P TECHS: (M4) Clears Bull Channel Support

EQUITY TECHS
  • RES 4: 5434.54 Bull channel top drawn from the Jan 17 low
  • RES 3: 5428.25 1.00 proj of the Oct 27 - Dec 28 - May 1 price swing
  • RES 2: 5400.00 Round number resistance
  • RES 1: 5333.50 High Apr 1
  • PRICE: 5250.25 @ 14:26 GMT Apr 2
  • SUP 1: 5240.19 20-day EMA
  • SUP 2: 5157.00 Low Mar 11
  • SUP 3: 5127.42 50-day EMA
  • SUP 4: 5018.00 Low Feb 21

The trend condition in S&P E-Minis is unchanged and remains bullish, however, the move lower today highlights a corrective cycle that suggests potential for a bearish extension. The contract has breached bull channel support - at 5272.92 - drawn from the Jan 17 low. This signals scope for a move towards the 20-day EMA, at 5240.19. Clearance of this average would open 5127.42, the 50-day EMA. Key resistance is 5333.50, Monday’s high.

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