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S&P E-Minis Corrective Cycle

  • A bull theme in S&P E-minis remains intact and the pullback last week appears to be a correction - for now.
  • Attention is on the first support at the 20-day EMA.
  • Clearance of this average would strengthen a bearish threat and expose 4368.50, the Jun 26 low and a key support.
  • The contract continues to trade inside a bull channel - a break of 4368.50 would signal scope for a move towards the channel base. The channel is drawn from the Mar 13 low.
  • The bull trigger is at 4498.00, the Jun 16 high. A clear breach of this level would confirm a resumption of the uptrend.

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