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

EQUITY TECHS
  • RES 4: 4739.50 High 13 Jan’22
  • RES 3: 4661.90 3.0% 10-dma envelope
  • RES 2: 4631.00 High 29 Mar’22
  • RES 1: 4609.25 High Jul 20
  • PRICE: 4572.75 @ 10:41 BST Jul 21
  • SUP 1: 4498.88 / 4397.62 20- / 50-day EMA
  • SUP 2: 4368.50 Low Jun 26 and a key support
  • SUP 3: 4337.83 Bull channel base drawn from the Mar 13 low
  • SUP 4: 4269.50 Low Jun 2

E-mini S&P finished lower Thursday, consolidating a solid rally this week and helping to alleviate the overbought conditions present in the most recent bout of strength. Prices have topped the bull channel drawn off the March 13th low at 4608.50, marking another positive shift for S/T momentum. This clears the way for a test of the March 29th 2022 high at 4631.00 and - ultimately - all time highs. Any corrective pullback would initially target the 20-day EMA at 4492.63 for support, however the Tuesday low of 4544.50 could also slow any decline.

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