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E-MINI S&P (U1): Still Heading North

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  • RES 4: 174.07 High Mar 29
  • RES 3: 173.79 High Apr 8
  • RES 2: 173.32 76.4% retracement of the Mar 25 - May 19 sell-off
  • RES 1: 173.00 Round number resistance
  • PRICE: 172.87 @ 05:18 BST Jun 11
  • SUP 1: 171.70 20-day EMA
  • SUP 2: 170.99 Low Mar 31 and key short-term support
  • SUP 3: 170.56 Low May 24
  • SUP 4: 170.27 Low May 21

Bund futures maintain a firmer tone. The contract has this week breached the 50-day EMA and 172.05, Jun 4 high. The break higher signals scope for stronger short-term gains. Potential is seen for a move towards 173.00 next and 173.32, a Fibonacci retracement. On the downside, initial support lies at the 20-day EMA that intersects at 171.70. Key near-term support has been defined at 170.99, Mar 31 low.