E-MINI S&P TECHS: (U3) Capped by Envelope Resistance

• RES 4: 4631.00 High 29 Mar’22
• RES 3: 4590.10 2.0% 10-dma envelope
• RES 2: 4584.42 Bull channel top drawn from the Mar 13 low
• RES 1: 4579.50 High Jul 17
• PRICE: 4578.50 @ 16:53 BST Jul 18
• SUP 1: 4439.81/4368.50 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

A bull theme in S&P E-minis made itself felt Tuesday, with the U3 contract rallying to a new cycle high. This week’s rally accelerated on a break of resistance at 4498.00, the Jun 30 high, with envelope resistance managing to slow the rally above. The break confirms a resumption of the uptrend and maintains a bullish price sequence of higher highs and higher lows. The contract now eyes 4631.00, the high from March 29th 2022, as the next medium-term upside level. First support lies at 4439.81, the 20-day EMA. Clearance of this level would highlight a S/T bearish threat.