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E-MINI S&P (U2): Remains Above Tuesday’s Low

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: 3959.50 @ 14:21 BST Jul 27
  • SUP 1: 3900.64 20-day EMA
  • 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 have recovered from yesterday’s low. The short-term outlook is bullish. Last week’s gains confirmed a break above the 50-day EMA. This reinforces a bullish theme 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 20-day EMA, at 3900.64, is the first support to watch. Major support lies at 3639.00, the Jun 17 low.

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