May 31, 2024 06:28 GMT
E-MINI S&P TECHS: (M4) Support Remains Intact For Now
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: 5265.72/5368.25 High May 23 and bull trigger / 20-day EMA
- PRICE: 5244.00 @ 07:17 BST May 31
- SUP 1: 5234.50 Intraday low
- SUP 2: 5209.88 50-day EMA
- SUP 3: 5099.25 Low May 3
- SUP 4: 5036.25 Low May 2
The uptrend in S&P E-Minis remains intact, however, a corrective cycle has resulted in a pullback from the recent high of 5368.25 (May 23). The contract has traded through the 20-day EMA and this exposes a firmer support at 5209.88, the 50-day EMA. A clear break of this average would signal scope for a deeper retracement. On the upside, a resumption of gains and a break of 5368.25, would confirm a resumption of the uptrend.
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