June 17, 2024 07:22 GMT
(M4) Bull Cycle Still In Play
EQUITY TECHS
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- RES 4: 5500.00 Round number resistance
- RES 3: 5490.62 2.382 proj of the Apr 19 - 29 - May 2 price swing
- RES 2: 5462.77 2.236 proj of the Apr 19 - 29 - May 2 price swing
- RES 1: 5454.50 High Jun 12
- PRICE: 5441.50 @ 08:13 BST Jun 17
- SUP 1: 5333.75/5261.09 20- and 50-day EMA values
- SUP 2: 5205.50 Low May 31 and key support
- SUP 3: 5155.75 Low May 6
- SUP 4: 5099.25 Low May 3
The uptrend in S&P E-Minis remains intact and the contract traded higher Wednesday last week. Price has recently cleared 5368.25, the May 23 high and bull trigger. The move confirmed a resumption of the uptrend. The continuation higher has resulted in a break of the 5400.00 handle. This opens 5462.77 next, a Fibonacci projection. Key short-term support has been defined at 5205.50, the May 31 low. Initial support lies at 5333.75, the 20-day EMA.
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