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The S&P500 emini was ranging until there was a pierce and breakthrough of support at 1374 with a downtrend to consolidate at between 1353 to 1357. A strong support at the bottom trendline of 1353 prompted buyers to come in and head price towards the 50SMA, to hang around there and test resistance. At this time still trying to test resistance and possibly break through the resistance at the 50SMA.
If buyers pressure breaks through at this level, the first target is 1366. The next target is the top trendline and on to the outer target of resistance at 1373.50.
If resistance proves strong, sellers will come in to pressure the price movement to test support at the first target of 1362. If support breaks, next target is 1360.75, then onto the next levels of support at 1359.50, 1357 and 1354.75, with the outer target of support at the bottom trendline.
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