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E-MINI S&P TECHS: (U3) Bull Trend Remains Intact

EQUITY TECHS
  • RES 4: 4562.88 Bull channel top drawn from the Mar 13 low
  • RES 3: 4556.71 2.382 projection of the May 4 - 19 - 24 price swing
  • RES 2: 4532.08 2.236 projection of the May 4 - 19 - 24 price swing
  • RES 1: 4498.00 High Jun 30 and the bull trigger
  • PRICE: 4476.00 @ 06:51 BST Jul 12
  • SUP 1: 4420.62/4368.50 20-day EMA / Low Jun 26 and a key support
  • SUP 2: 4336.46 50-day EMA
  • SUP 3: 4327.06 Bull channel base drawn from the Mar 13 low
  • SUP 4: 4269.50 Low Jun 2

A bull theme in S&P E-minis remains intact and the pullback last week appears to be a correction. First support at 4420.62, the 20-day EMA, remains intact. Clearance of this level would strengthen a bearish threat and expose 4368.50, Jun 26 low and a key support. On the upside, the bull trigger is at 4498.00, the Jun 16 high. A clear breach of this level would confirm a resumption of the uptrend and open 4532.08, a Fibonacci projection.

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