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E-MINI S&P TECHS: (M4) Recovery Extends

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: 5339.00/5368.25 High May 28 / 23 and a bull trigger
  • PRICE: 5327.50 @ 14:27 BST Jun 5
  • SUP 1: 5246.75/5205.50 Low Jun 3 / Low May 31 and a 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. The recovery from last Friday’s low is a positive development, a continuation would open 5368.25, the May 25 high, and a breach of this level would resume the primary uptrend. A recent corrective pullback has resulted in a test of support at the 50-day EMA, at 5219.79. A clear break of this average is required to signal scope for a deeper retracement.

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