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E-MINI S&P TECHS: (U3) Clears Key Short-Term Resistance

EQUITY TECHS
  • RES 4: 4576.62 2.50projection of the May 4 - 19 - 24 price swing
  • RES 3: 4573.65 Bull channel top drawn from the Mar 13 low
  • RES 2: 4556.71 2.382 projection of the May 4 - 19 - 24 price swing
  • RES 1: 4532.08 2.236 projection of the May 4 - 19 - 24 price swing
  • PRICE: 4508.75 @ 14:09 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. Today’s gains have resulted in a break of resistance at 4498.00, the Jun 30 high. This confirms a resumption of the uptrend and maintains a bullish price sequence of higher highs and higher lows. The contract has also traded through 4500.00 and this opens 4532.08, a Fibonacci projection. First support lies at 4420.62, the 20-day EMA. Clearance of this level would be bearish.

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