E-MINI S&P (U2): New Monthly High - Briefly

• RES 4: 4308.50 High Apr 28
• RES 3: 4204.75 High May 31 and a key resistance
• RES 2: 3964.25 High Jul 20
• RES 1: 3950.34 50-day EMA
• PRICE: 3929.00 @ 12:15 BST Jul 20
• SUP 1: 3723.75/3639.00 Low Jul 14 / Low Jun 17 and a 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 traded well early Wednesday, briefly piercing the 50-day EMA and touching a new monthly high in the process. Nonetheless, prices are lower on the day into the cash open, keeping most nearby resistance levels intact. This confirms short-term gains remain considered corrective. A clear breach and close above the 50-day EMA would strengthen a bullish case. On the downside, a resumption of weakness and a break of 3923.75 low, would instead open key support at 3639.00, Jun 17 low.