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

  • 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: 4173.25 High Aug 4
  • PRICE: 4108.25@ 14:13 BST Aug 5
  • SUP 1: 3991.98/13.25 50-day EMA / Low Jul 26 and key S/T support
  • SUP 2: 3820.25 Low Jul 18
  • SUP 3: 3723.75/3639.00 Low Jul 14 / Low Jun 17 and a bear trigger
  • SUP 4: 3578.27 0.618 proj of the Mar 29 - May 20 - 31 price swing

S&P E-Minis traded higher Thursday to reinforce current bullish conditions. Today’s pullback is considered corrective. The break of Monday’s 4147.25 high confirms a resumption of the current bull cycle and maintains the price sequence of higher highs and higher lows. This opens 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 3991.98.

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