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E-MINI S&P (U2): Holding On To Its Recent Gains

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: 4016.25 High Jul 22
  • PRICE: 3959.75 @ 08:27 BST Jul 25
  • SUP 1: 3890.70 50-day EMA
  • SUP 2: 3723.75/3639.00 Low Jul 14 / Low Jun 17 and a bear trigger
  • SUP 3: 3578.27 0.618 proj of the Mar 29 - May 20 - 31 price swing
  • SUP 4: 3500.00 Round number support

S&P E-Minis are holding on to the bulk of recent gains. Last week’s bullish extension confirmed a break above the 50-day EMA. This reinforces short-term bullish conditions and suggests scope for a climb towards 4145.75 next, the Jun 9 high. The next key resistance is at 4204.75, the May 31 high. On the downside, the 50-day EMA, at 3890.70, is the first support to watch. Major support lies at 3639.00, the Jun 17 low.

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