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E-MINI S&P TECHS: (M4) Has Traded Through The 20-Day EMA

EQUITY TECHS
  • RES 4: 5333.50 High Apr 1 and the bull trigger
  • RES 3: 5285.00 High Apr 10
  • RES 2: 5246.18 76.4% retracement of the Apr 1 - 19 bear leg
  • RES 1: 5192.16 61.8% retracement of the Apr 1 - 19 bear leg
  • PRICE: 5177.25 @ 14:34 BST May 6
  • SUP 1: 5036.25/4963.50 Low May 2 / 19 and the bear trigger
  • SUP 2: 4907.57 50.0% retracement of the Oct 27 ‘23 - Apr 1 bull leg
  • SUP 3: 4863.75 Low Jan 19
  • SUP 4: 4799.50 Low Jan 17

The short-term trend condition in S&P E-Minis remains bearish and recent gains appear to be a correction. A resumption of the bear leg would open 4907.57, a Fibonacci retracement. The contract has traded through resistance at the 20-day EMA, at 5124.14. A clear breach and a continuation higher would instead signal a possible reversal and expose key resistance at 5333.50, Apr 1 high. Initial resistance is 5192.16, a Fibonacci retracement.

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