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E-MINI S&P TECHS: (M4) Trend Structure Remains Bullish

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 and bull trigger
  • PRICE: 4312.00 @ 07:20 BST Jun 5
  • SUP 1: 5205.50 Low May 31 and key near-term 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, however, a corrective cycle has resulted in a pullback from the recent high of 5368.25 (May 23). The latest move down has seen price pierce support at the 50-day EMA, at 5219.79. A clear break of this average would signal scope for a deeper retracement. The recovery from last Friday’s low is a positive development, a continuation would open 5368.25, and a breach of this level resumes the trend.

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