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E-MINI S&P (U2): Corrective Cycle Remains In Play

EQUITY TECHS
  • RES 4: 4308.50 High Apr 28
  • RES 3: 4204.75 High May 31 and a key resistance
  • RES 2: 4037.17 50-day EMA
  • RES 1: 3948.00 High Jun 27
  • PRICE: 3919.75 @ 14:29 BST June 28
  • SUP 1: 3735.00/3639.00 Low Jun 23 / 17 and the bear trigger
  • SUP 2: 3578.27 0.618 proj of the Mar 29 - May 20 - 31 price swing
  • SUP 3: 3500.00 Round number support
  • SUP 4: 3384.75 0.764 proj of the Mar 29 - May 20 - 31 price swing

S&P E-Minis maintain a positive short-term tone. The contract traded higher Friday to confirm an extension of the current bullish cycle. Price has traded above the 20-day EMA and this signals scope for an extension towards the 50-day EMA, currently at 4037.17. The primary trend direction remains down though and a reversal lower would signal the end of the correction. This would also refocus attention on the bear trigger at 3639.00, the Jun 17 low.

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