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E-MINI S&P (M2): Bearish Threat Remains Present

EQUITY TECHS
  • RES 4: 4663.50 High Jan 18
  • RES 3: 4631.00 High Mar 29 and a key resistance
  • RES 2: 4588.75 High Apr 5
  • RES 1: 4509.00 High Apr 21
  • PRICE: 4376.00 @ 14:11 BST Apr 22
  • SUP 1: 4355.50 Low Apr 18 and the bear trigger
  • SUP 2: 4321.07 61.8% retracement of the Mar 15 - Mar 29 rally
  • SUP 3: 4247.89 76.4% retracement of the Mar 15 - Mar 29 rally
  • SUP 4: 4129.50 Low Mar 15

S&P E-Minis traded higher Thursday but failed to hold on to the day’s gains and reversed lower. This once again highlights the current bearish threat and attention is on support and the bear trigger, at 4355.50, the Apr 18 low. A break would open 4321.07, a Fibonacci retracement and also expose the 4300.00 handle. Key short-term resistance has been defined at $4509.00, Thursday's high. A break would be bullish.

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