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E-MINI S&P TECHS: (M4) Trend Needle Points North

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: 5327.75 @ 06:42 BST May 28
  • SUP 1: 5259.02 20-day EMA
  • SUP 2: 5200.14 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 last Thursday appears to have been a correction. The contract also traded to a fresh cycle high that day, reinforcing a bullish theme. Recent gains have also resulted in a break of 5333.50, Apr 1 high. This confirms a resumption of the primary uptrend and opens 5372.73, a Fibonacci projection. Moving average studies are in a bull-mode set-up. Initial support is 5259.02, the 20-day EMA.

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