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E-MINI S&P TECHS: (U3) Bull Channel Top Cleared

EQUITY TECHS
  • RES 4: 4631.00 High 29 Mar’22
  • RES 3: 4601.70 2.0% 10-dma envelope
  • RES 2: 4594.50 Bull channel top drawn from the Mar 13 low
  • RES 1: 4592.25 High Jul 17
  • PRICE: 4587.00 @ 12:18 BST Jul 19
  • SUP 1: 4482.32 / 4368.50 20-day EMA / Low Jun 26 and a key support
  • SUP 2: 4351.02 50-day EMA
  • SUP 3: 4337.83 Bull channel base drawn from the Mar 13 low
  • SUP 4: 4269.50 Low Jun 2

The rally accelerated Tuesday, with the index cresting at a new cycle high of 4594.50. Moving averages continue to underpin the underlying bull trend, with envelope resistance sitting just above the Wednesday high at 4601.70. The bull channel top has been breached, underscoring the momentum shift in this week’s rally and making the 4631.00 upside level a more realistic prospect in the near-term. Nonetheless, the RSI has now tipped into overbought territory, signalling a slowing of the uptrend could dominate to alleviate the condition over the coming few sessions. Any corrective pullback would initially target the 20-day EMA at 4482.32 for support.

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