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E-MINI S&P TECHS: (M4) Trend Direction Remains Up

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: 5368.25 High May 23
  • PRICE: 5305.00 @ 14:37 BST May 24
  • SUP 1: 5252.44 20-day EMA
  • SUP 2: 5195.19 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 and the pullback Thursday appears to be a correction. The contract also traded to a fresh cycle high yesterday, reinforcing a bullish theme. Recent gains resulted in a break of 5333.50, Apr 1 high. This confirmed a resumption of the primary uptrend and has opened 5372.73, a Fibonacci projection. MA studies are in a bull-mode set-up, highlighting a clear uptrend. Initial support is 5252.44, 20-day EMA.

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