EQUITY TECHS: E-MINI S&P: (U5) Bull Cycle Extends
- RES 4: 6281.12 1.618 proj of the Apr 7 - 10 - 21 price swing
- RES 3: 6277.50 High Feb 19 and a bull trigger
- RES 2: 6249.00 High Feb 21
- RES 1: 6220.75 Intraday high
- PRICE: 6210.75 @ 14:39 BST Jun 27
- SUP 1: 6053.30/5952.18 20- and 50-day EMA values
- SUP 2: 5811.50 Low May 23
- SUP 3: 5645.75 Low May 7
- SUP 4: 5500.00 Low Apr 30
The trend condition in S&P E-Minis is unchanged, it remains bullish and this week’s fresh cycle highs reinforces current conditions. Short-term resistance and a bull trigger at 6128.75, the Jun 11 high, has been breached. The clear break confirms a resumption of the uptrend that started Apr 7. The 6200.00 handle has been cleared too, this opens 6249.00, Feb 21 high. Key support is at the 50-day EMA - at 5952.18. A clear break of it would signal a reversal.
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EQUITY TECHS: E-MINI S&P: (M5) Bulls Remain In The Driver’s Seat
- RES 4: 6080.75 High Feb 26
- RES 3: 6057.00 High Mar 3
- RES 2: 6000.00 Round number resistance
- RES 1: 5993.50 High May 20 and the bull trigger
- PRICE: 5943.00 @ 14:34 BST May 29
- SUP 1: 5756.50/5728.00 Low May 23 / 50-day EMA and key support
- SUP 2: 5596.00 Low May 7
- SUP 3: 5455.50 Low Apr 30
- SUP 4: 5355.25 Low Apr 24
A bullish trend condition in S&P E-Minis remains intact and the latest pullback appears to have been a correction. Last Friday’s sell-off resulted in a print below the 20-day EMA, at 5794.26. A key support lies at 5728.00, the 50-day EMA. A clear break of this average is required to highlight a stronger reversal and signal scope for a deeper retracement. Sights are on the bull trigger at 5993.50, the May 20 high.
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