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

EQUITY TECHS
  • RES 4: 5462.77 2.236 proj of the Apr 19 - 29 - May 2 price swing
  • RES 3: 5417.75 2.00 proj of the Apr 19 - 29 - May 2 price swing
  • RES 2: 5400.00 Round number resistance
  • RES 1: 5385.50 High Jun 7
  • PRICE: 5372.25 @ 07:20 BST Jun 11
  • SUP 1: 5304.08/5205.50 20-day EMA / Low May 31 and key support
  • SUP 2: 5155.75 Low May 6
  • SUP 3: 5099.25 Low May 3
  • SUP 4: 5036.25 Low May 2

The uptrend in S&P E-Minis remains intact and the contract is holding on to its recent gains. Price has traded above 5368.25, the May 23 high and bull trigger. The move confirms a resumption of the uptrend. A continuation higher would signal scope for a climb towards the 5400.00 handle next. On the downside, key short-term support has been defined at 5205.50, the May 31 low. Clearance of this level is required to signal a short-term reversal.

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