July 02, 2024 13:32 GMT
E-MINI S&P TECHS: (U4) Bull Flag Formation
EQUITY TECHS
- RES 4: 5622.69 2.764 proj of the Apr 19 - 29 - May 2 price swing
- RES 3: 5600.00 Round number resistance
- RES 2: 5594.66 2.618 proj of the Apr 19 - 29 - May 2 price swing
- RES 1: 5588.00 High Jun 20
- PRICE: 5515.25 @ 14:22 BST Jul 2
- SUP 1: 5488.93/5397.39 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 trend condition in S&P E-Minis is unchanged and signals remain bullish. Resistance at 5430.75, the May 23 high and bull trigger, has recently been cleared. This break confirmed a resumption of the primary uptrend. Note that the recent pause in the trend appears to be flag formation - a bullish continuation signal. Sights are on 5594.66, a Fibonacci projection. Support to watch is 5488.93, the 20-day EMA.
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