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E-MINI S&P TECHS: (U3) This Week’s Pullback Considered Corrective

EQUITY TECHS
  • RES 4: 4556.71 2.382 projection of the May 4 - 19 - 24 price swing
  • RES 3: 4532.08 2.236 projection of the May 4 - 19 - 24 price swing
  • RES 2: 4503.22 Bull channel top drawn from the Oct 2022 low (cont)
  • RES 1: 4493.75 High Jun 16 and the bull trigger
  • PRICE: 4388.25 @ 14:22 BST Jun 23
  • SUP 1: 4381.75/4356.07 Low Jun 13 / 20-day EMA
  • SUP 2: 4269.59 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 this week’s pullback appears to be a correction. The move lower is allowing a recent overbought condition to unwind. Initial key support lies at the 20-day EMA, at 4356.07. 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. A break would open 4500.21, the top of a bull channel.

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