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Previous bid-to-cover ratios: most recent first: 3.06x, 2.31x, 2.09x, 1.96x.
The uptrend in S&P E-Minis remains intact, however, a corrective cycle has resulted in a pullback from the recent high of 5368.25 (May 23). The latest move down resulted in a print below support at the 50-day EMA, at 5213.24 A clear break of this EMA would signal scope for a deeper retracement. The recovery from Friday’s low is a positive development, a continuation would open 5368.25 and a breach of this level resumes the trend.