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E-MINI S&P (U2): Starting The Week On A Firmer Note

EQUITY TECHS
  • RES 4: 4308.50 High Apr 28
  • RES 3: 4204.75 High May 31 and a key resistance
  • RES 2: 3956.84 50-day EMA
  • RES 1: 3950.00 High Jun 27
  • PRICE: 3885.75 @ 06:56 BST Jul 18
  • 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 are starting the week on a firmer note, extending Friday’s gains and the rebound from last Thursday's low of 3723.75. Short-term gains are considered corrective - for now. Resistance to watch is at 3950.00, the Jun 27 high and the 50-day EMA, at 3956.84. A clear breach of this zone would strengthen a bullish case. On the downside, a resumption of weakness and a break of 3923.75 low, would open key support at 3639.00, Jun 17 low.

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