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E-MINI S&P TECHS: (U3) Has Pierced The Bull Trigger

EQUITY TECHS
  • RES 4: 4556.71 2.382 projection of the May 4 - 19 - 24 price swing
  • RES 3: 4546.73 Bull channel top drawn from the Mar 13 low
  • RES 2: 4532.08 2.236 projection of the May 4 - 19 - 24 price swing
  • RES 1: 4498.00 High Jun 30
  • PRICE: 4485.50 @ 07:09 BST Jul 5
  • SUP 1: 4397.52/4368.50 20-day EMA / Low Jun 26 and a key support
  • SUP 2: 4309.73 50-day EMA
  • SUP 3: 4269.50 Low Jun 2
  • SUP 4: 4216.00 Low May 31

A bull theme in S&P E-minis remains intact and last Friday’s gains reinforce this condition. The contract has pierced key resistance and the bull trigger at 4493.75, the Jun 16 high. A clear break of this level would confirm a resumption of the uptrend and pave the way for a climb towards 4532.08, a Fibonacci projection. On the downside, key trend support has been defined at 4368.50, the Jun 26 low.

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