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E-MINI S&P TECHS: (U3) Watching Resistance AT The Bull Channel Top

EQUITY TECHS
  • RES 4: 4673.55 3.0% 10-dma envelope
  • RES 3: 4739.50 High Jan 12 2022 (cont)
  • RES 2: 4631.00 High Mar 29 2022 (cont)
  • RES 1: 4609.25 High Jul 20 and the bull trigger
  • PRICE: 4563.25 @ 05:49 BST Jul 24
  • SUP 1: 4498.10 20-day EMA
  • SUP 2: 4470.00 Low Jul 12 4368.50 Low Jun 26 and a key support
  • SUP 3: 4397.36 50-day EMA
  • SUP 4: 4370.13 Bull channel base drawn from the Mar 13 low

The E-mini S&P contract is trading below last week’s high of 4609.25 (Jul 19). Prices have tested the top of the bull channel drawn off the March 13 low - the channel top intersects at 4616.73 today. A clear channel breakout would strengthen bullish conditions open the March 29th 2022 high at 4631.00. A corrective pullback would initially target the 20-day EMA at 4498.10 for support. The average marks the first key short-term level to watch.

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