May 15, 2024 13:51 GMT
E-MINI S&P TECHS: (M4) Continues To Appreciate
EQUITY TECHS
- RES 4: 5400.00 Round number resistance
- RES 3: 5372.73 1.76 proj of the Apr 19 - 29 - May 2 price swing
- RES 2: 5333.50 High Apr 1 and the bull trigger
- RES 1: 5308.50 High Apr 4 high
- PRICE: 5299.25 @ 14:39 BST May 15
- SUP 1: 5181.19/5153.63 20- and 50-day EMA values
- SUP 2: 5036.25/4963.50 Low May 2 / Low Apr 19 and 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 yesterday and the contract remains firm today as it again extends the bull cycle from Apr 19. This highlights scope for a continuation higher and attention is on the key resistance and bull trigger at 5333.50, the Apr 1 high. Clearance of this hurdle would confirm a resumption of the medium-term uptrend. Initial resistance is 5308.50, the Apr 4 high. Initial firm support lies at 5153.63, the 50-day EMA.
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