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EQUITY TECHS: E-MINI S&P (M2): Bull Cycle Extends

EQUITY TECHS
  • RES 4: 4730.50 High Jan 1
  • RES 3: 4663.50 High Jan 18
  • RES 2: 4578.50 High Feb 9 and a key resistance
  • RES 1: 4633.44 76.4% retracement of the Jan 4 - Feb 24 downleg
  • PRICE: 4607.25 @ 14:23 GMT Mar 29
  • SUP 1: 4407.82 20-day EMA
  • SUP 2: 4129.50/4094.25 Low Mar 15 / Low Feb 24 and a bear trigger
  • SUP 3: 4055.60 Low May 19 2021 (cont)
  • SUP 4: 4029.25 Low May 13 2021 (cont)

S&P E-Minis are trading higher, extending the bull cycle that started Mar 15. Bullish conditions have also been reinforced by the recent break of both the 20- and 50-day EMAs. The breach of the latter EMA marks an important short-term bullish development. Resistance at 4578.50, Feb 9 high has been cleared. The break opens 4663.50, the Jan 18 high. Initial firm support is at 4407.82, the 20-day EMA. A break would be a bearish development.

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