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E-MINI S&P (U2): Trend Needle Points South

  • RES 4: 4396.75 High Apr 22
  • RES 3: 4308.50 High Apr 28
  • RES 2: 4082.13/4204.75 50-day EMA / High May 31
  • RES 1: 3843.00/3933.84 High Jun 15 / 20-day EMA
  • PRICE: 3729.00 @ 07:06 BST June 21
  • SUP 1: 3639.00 Low Jun 17
  • 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 trading above last week’s lows but maintain a bearish tone. Recent weakness resulted in a break of 3810.00, May 20 low and a bear trigger. The clear break confirmed a resumption of the primary downtrend and maintains the bearish sequence of lower lows and lower highs and the focus is on 3600.00 next. Firm resistance is seen at 3933.84, the 20-day EMA. Short-term gains would be considered corrective.

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