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EQUITY TECHS: E-MINI S&P TECHS: (U4) Off Highs, But Support Untroubled

EQUITY TECHS
  • RES 4: 5622.69 2.764 proj of the Apr 19 - 29 - May 2 price swing
  • RES 3: 5600.00 Round number resistance
  • RES 2: 5594.66 2.618 proj of the Apr 19 - 29 - May 2 price swing
  • RES 1: 5578.75 Intraday high  
  • PRICE: 5545.75 @ 17:45 BST Jun 20
  • SUP 1: 5433.13/5345.66 20- and 50-day EMA values 
  • SUP 2: 5267.75 Low May 31 and key support 
  • SUP 3: 5213.25 Low May 6
  • SUP 4: 5155.75 Low May 3

The uptrend in S&P E-Minis remains intact, despite weakness off highs on Thursday. The contract has traded higher across the week, confirming an extension of the current bull cycle. Price has recently cleared 5430.75, the May 23 high and bull trigger. This confirmed a resumption of the uptrend. Note that MA studies are in a bull-mode  position too, highlighting positive market sentiment. Sights are on 5594.66 next, a Fibonacci projection. Initial support lies at 5433.13, the 20-day EMA.

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