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E-MINI S&P (M2): Hammer Candle Formation?

EQUITY TECHS
  • RES 4: 4631.00 High Mar 29 and key resistance
  • RES 3: 4588.75 High Apr 5
  • RES 2: 4509.00 High Apr 21 and a key short-term resistance
  • RES 1: 4355.50 Low Apr 18
  • PRICE: 4269.00 @ 14:09 BST Apr 26
  • SUP 1: 4195.25 Low Apr 25
  • SUP 2: 4129.50 Low Mar 15 and a key support
  • SUP 3: 4094.25 Low Feb 24 and a bear trigger
  • SUP 4: 4063.24 1.618 proj of the Mar 29 - Apr 18 - 21 price swing

S&P E-Minis traded lower Monday before recovering from the 4195.25 day low. Recent weakness has confirmed a resumption of the current downtrend and the outlook remains bearish. This has opened 4129.50, the Mar 15 low. Key near-term resistance has been defined at 4509.00, Apr 21 high. A short-term concern for bears is a hammer candle formation on Monday. If correct, the pattern suggests scope for a stronger corrective bounce.

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