EQUITY TECHS: E-MINI S&P: (U5) Trading Closer To Its Recent Highs

• RES 4: 1.4200 Round number resistance
• RES 3: 1.4111 High Apr 4
• RES 2: 1.3861/1.4016 50-day EMA / High May 12 and 13
• RES 1: 1.3732 20-day EMA
• PRICE: 1.3542 @ 14:41 BST Jun 16
• SUP 1: 1.3535 1.0% 10-dma envelope
• SUP 2: 1.3503 1.618 proj of the Feb 3 - 14 - Mar 4 price swing
• SUP 3: 1.3473 Low Oct 2 2024
• SUP 4: 1.3410 1.764 proj of the Feb 3 - 14 - Mar 4 price swing

The trend needle in USDCAD continues to point south and fresh cycle lows last week and again today, reinforce a bearish theme. Support at 1.3686, the May 26 low and a bear trigger, has been cleared, confirming a resumption of the downtrend. This maintains the price sequence of lower lows and lower highs. Sights are on 1.3535 next, envelope-based support, and 1.3503, a Fibonacci projection.Resistance at the 20-day EMA is at 1.3732.

0NU5 96.90/97.40cs 1x1.25 vs 96.10p, bought the cs for 0.5625 in 10k.

• RES 4: 6200.00 1.500 proj of the Apr 7 - 10 - 21 price swing     
• RES 3: 6172.50 High Feb 24  
• RES 2: 6134.00 High Feb 26
• RES 1: 6128.75 High Jun 11  
• PRICE: 6069.25 @ 07:42 BST Jun 16  
• SUP 1: 5979.00/5882.88 Low Jun 13 / 50-day EMA
• 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 remains bullish and the contract traded to a fresh cycle high last Wednesday, reinforcing current bullish conditions. For now, the most recent pullback is considered corrective. The contract has pierced support at 5990.75, the 20-day EMA. A clear breach of this average would expose the 50-day EMA, at 5882.88. Key short-term resistance has been defined at 6128.75, the Jun 11 high.