May 29, 2024 13:57 GMT
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: 5281.75 @ 14:46 BST May 29
- SUP 1: 5265.28 20-day EMA
- SUP 2: 5205.03 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 most recent pullback appears to be a correction. The contract also traded to a fresh cycle high on May 23, 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 5265.28, the 20-day EMA.
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