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E-MINI S&P TECHS: (U4) Corrective Pullback

EQUITY TECHS
  • RES 4: 5786.66 3.50 proj of the Apr 19 - 29 - May 2 price swing
  • RES 3: 5764.00 3.50 proj of the Apr 19 - 29 - May 2 price swing
  • RES 2: 5741 34 3.382 proj of the Apr 19 - 29 - May 2 price swing
  • RES 1: 5721.25 High Jul 16
  • PRICE: 5661.50 @ 07:43 BST Jul 18
  • SUP 1: 5597.81 20-day EMA
  • SUP 2: 5486.11 50-day EMA
  • SUP 3: 5398.75 Low Jun 11
  • SUP 4: 5267.75 Low May 31 and key support

The trend condition in S&P E-Minis is bullish and yesterday’s move lower appears to be a correction. The continuation higher last week and this week’s cycle high, confirms a resumption of the uptrend and maintains the bullish sequence of higher highs and higher lows. MA studies are in a clear bull-mode set-up too, highlighting positive market sentiment. Sights are on 5741.34, a Fibonacci projection. Firm support is at 5597.81 the 20-day EMA.

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