E-MINI S&P TECHS: (M4) Corrective Bear Cycle Still In Play

• 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: 5308.50/33.50 High Apr 4 / 1 and the bull trigger
• PRICE: 5263.25 @ 07:19 BST Apr 10
• SUP 1: 5191.50 Low Apr 5
• SUP 2: 5153.24 50-day EMA
• SUP 3: 5100.00 Round number support
• SUP 4: 5018.00 Low Feb 21

The trend condition in S&P E-Minis is unchanged and remains bullish. The recent move down highlights a short-term corrective cycle and last week's sell-off reinforces this condition. The contract has breached bull channel support drawn from the Jan 17 low, and cleared the 20-day EMA. A continuation lower would open the 50-day EMA, at 5153.24 and the next key support. Key resistance and the bull trigger is 5333.50, the Apr 1 high.