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Tests Its 50-day EMA

EQUITY TECHS
  • RES 4: 4272.05 3.0% 10-dma envelope
  • RES 3: 4239.26 1.764 proj of the Feb 1 - Feb 16 - Mar 4 price swing
  • RES 2: 4238.25 High May 10 and the bull trigger
  • RES 1: 4179.50 High May 18
  • PRICE: 4113.25 @ 05:53 BST May 20
  • SUP 1: 4055.60 Low May 19
  • SUP 2: 4029.25 Low May 13 and key short-term support
  • SUP 3: 4021.00 Low Apr 5
  • SUP 4: 3945.91 100-dma

S&P E-minis have pulled away from the high print on Tuesday of 4179.50. Futures have also tested the 50-day EMA at 4074.26 that represents an important support area. Last week's low of 4029.25 however marks the key short-term support where a break is required to signal a top and highlight the potential for a deeper pullback. A break above 4179.50 is required to offset bearish concerns and refocus attention on 4238.25, the bull trigger.

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