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

• RES 4: 4739.50 High 13 Jan’22
• RES 3: 4648.60 3.0% 10-dma envelope
• RES 2: 4631.00 High 29 Mar’22
• RES 1: 4608.50 High Jul 19
• PRICE: 4605.00 @ 16:45 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 further still Wednesday, with prices surging through the top-end of the bull channel drawn off the March 13th low at 4608.50. This marks another positive shift for S/T momentum and clears the way for a test of the March 29th 2022 high at 4631.00 and - ultimately - all time highs. 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.