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E-MINI S&P (U2): Bullish Outlook

EQUITY TECHS
  • RES 4: 4306.50 High May 4
  • RES 3: 4204.75 High May 31 and a key resistance
  • RES 2: 4145.75 High Jun 9
  • RES 1: 4042.75 High Jul 27
  • PRICE: 4007.00@ 14:48 BST Jul 28
  • SUP 1: 3913.25 Low Jul 26
  • SUP 2: 3820.25 Low Jul 18
  • SUP 3: 3723.75/3639.00 Low Jul 14 / Low Jun 17 and a bear trigger
  • SUP 4: 3578.27 0.618 proj of the Mar 29 - May 20 - 31 price swing

S&P E-Minis traded higher Wednesday and in the process pierced resistance at 4016.25, the Jul 22 high. The break higher confirms a resumption of the current bull cycle and signals potential for a climb towards 4145.75, the Jun 9 high. The next key resistance is at 4204.75, the May 31 high. On the downside, initial support has been defined at 3913.25, the Jul 26 low. A break below this level would highlight a possible early bearish reversal signal.

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Energy BulletsCommodities

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