October 02, 2024 06:29 GMT
EQUITY TECHS: E-MINI S&P: (Z4) MA Studies Highlight A Dominant Uptrend
EQUITY TECHS
- RES 4: 5900.00 Round number resistance
- RES 3: 5871.77 2.0% Upper Bollinger Band
- RES 2: 5868.50 1.00 proj of the Apr 19 - Jul 16 - Aug 5 price swing
- RES 1: 5830.00 High Sep 26
- PRICE: 5744.75 @ 07:17 BST Oct 2
- SUP 1: 5723.22 20-day EMA
- SUP 2: 5652.72 50-day EMA
- SUP 3: 5500.00 Round number support
- SUP 4: 5451.25 Low Sep 6 and a bear trigger
A bull cycle in S&P E-Minis remains intact and the latest shallow pullback is considered corrective. Last week’s fresh cycle highs reinforce a bullish theme and note that moving average studies are in a bull-mode setup, highlighting a dominant uptrend. Scope is seen for a climb towards 5868.50, a Fibonacci projection, and 5900.00 further out. On the downside, initial support to watch is 5723.22, the 20-day EMA. Key support lies at 5652.72, the 50-day EMA.
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