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E-MINI S&P TECHS: (M4) Holding On To Its Gains

EQUITY TECHS
  • RES 4: 5417.75 2.00 proj of the Apr 19 - 29 - May 2 price swing
  • RES 3: 5400.00 Round number resistance
  • RES 2: 5372.73 1.764 proj of the Apr 19 - 29 - May 2 price swing
  • RES 1: 5349.25 Intraday high
  • PRICE: 5340.25 @ 14:35 BST May 22
  • SUP 1: 5240.67 20-day EMA
  • SUP 2: 5185.94 50-day EMA
  • SUP 3: 5036.25 Low May 2
  • SUP 4: 4963.50 Low Apr 19 and bear trigger

The uptrend in S&P E-Minis remains intact and the contract is holding on to its latest gains. Recent gains have resulted in a break of a key resistance at 5333.50, Apr 1 high. This confirms a resumption of the primary uptrend and signals scope for a climb to 5372.73, a Fibonacci projection. Moving average studies remain in a bull-mode set-up, highlighting a clear uptrend. Initial support is at 5240.67, the 20-day EMA.

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