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

EQUITY TECHS
  • RES 4: 4556.71 2.382 projection of the May 4 - 19 - 24 price swing
  • RES 3: 4535.96 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: 4493.75 High Jun 16 and the bull trigger
  • PRICE: 4441.00 @ 06:55 BST Jun 30
  • SUP 1: 4376.94 20-day EMA
  • SUP 2: 4294.69 50-day EMA
  • SUP 3: 4154.75 Low May 24
  • SUP 4: 4098.25 Low May 4 and a key support

A bull theme in S&P E-minis remains intact and the recent pullback still appears to be a correction. The move lower has allowed an overbought trend condition to unwind. Key near-term support at the 20-day EMA, which intersects at 4376.94, remains intact. A break of this average would strengthen a short-term bearish theme and signal scope for a deeper pullback. On the upside, the bull trigger is 4493.75, the Jun 16 high.

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