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

EQUITY TECHS
  • RES 4: 4345.75 2.00 proj of the Jun 17 - 28 - Jul 14 price swing
  • RES 3: 4306.50 High May 4
  • RES 2: 4204.75 High May 31 and a key resistance
  • RES 1: 4188.00 High Aug 8
  • PRICE: 4118.75 @ 06:53 BST Aug 10
  • SUP 1: 4008.43/3913.25 50-day EMA / Low Jul 26 and a key support
  • SUP 2: 3820.25 Low Jul 18
  • SUP 3: 3723.75 Low Jul 14
  • SUP 4: 3639.00 Low Jun 17 and a bear trigger

S&P E-Minis are consolidating and remain below recent highs. Short-term trend conditions are bullish. Continued gains would confirm a resumption of the current bull cycle and maintain the positive price sequence of higher highs and higher lows. The focus is on 4204.75 next, May 31 high and the next key resistance. On the downside, initial trend support is at 3913.25, the Jul 26 low. The 50-day EMA intersects at 4008.43.

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