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E-MINI S&P TECHS: (U4) Bull Cycle Still In Play

EQUITY TECHS
  • RES 4: 5572.00 2.50 proj of the Apr 19 - 29 - May 2 price swing
  • RES 3: 5549.34 2.382 proj of the Apr 19 - 29 - May 2 price swing
  • RES 2: 5521.31 2.236 proj of the Apr 19 - 29 - May 2 price swing
  • RES 1: 5519.50 High Jun 12
  • PRICE: 5492.00 @ 14:54 BST Jun 17
  • SUP 1: 5406.49/5328.35 20- and 50-day EMA values
  • SUP 2: 5267.75 Low May 31 and key support
  • SUP 3: 5213.25 Low May 6
  • SUP 4: 5155.75 Low May 3

The uptrend in S&P E-Minis remains intact and the contract traded higher last week. Price has recently cleared 5430.75, the May 23 high and bull trigger. The move confirmed a resumption of the uptrend. Moving average studies are in a bull-mode position, highlighting bullish market sentiment. Sights are on 5521.31 next, a Fibonacci projection. Key short-term support has been defined at 5267.75, the May 31 low. Initial support is 5406.49, 20-day EMA.

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