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E-MINI S&P (U2): Gains Considered Corrective

EQUITY TECHS
  • RES 4: 4396.75 High Apr 22
  • RES 3: 4308.50 High Apr 28
  • RES 2: 4047.65/4204.75 50-day EMA / High May 31
  • RES 1: 3843.00/3893.38 High Jun 15 / 20-day EMA
  • PRICE: 3828.75 @ 06:58 BST June 24
  • SUP 1: 3639.00 Low Jun 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

A bearish threat in S&P E-Minis remains present despite this week’s recovery and short-term gains are considered corrective. Moving average studies are in a bear mode condition and recent fresh cycle lows point to a continuation of the trend. The focus is on 3600.00 next, and below. Initial resistance is at 3843.00, the Jun 15 high. The next firm resistance is seen at 3893.38, the 20-day EMA. A break would signal scope for a stronger short-term recovery

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