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E-MINI S&P (U2): Resumes Its Downtrend

EQUITY TECHS
  • RES 4: 4396.75 High Apr 22
  • RES 3: 4308.50 High Apr 28
  • RES 2: 4145.22/4204.75 50-day EMA / High May 31
  • RES 1: 4041.006 20-day EMA
  • PRICE: 3778.25 @ 14:19 BST June 14
  • SUP 1: 3735.25 Low Jun 13
  • SUP 2: 3697.99 0.618 proj of the Mar 29 - May 20 - 31 price swing
  • SUP 3: 3600.00 Round number support
  • SUP 4: 3578 27 618 proj of the Mar 29 - May 20 - 31 price swing

S&P E-Minis started the week on a clear bearish note. Yesterday’s sell-off resulted in a break below 3810.00, the May 20 low and bear trigger. The clear break of this support has confirmed a resumption of the primary downtrend and opens 3697.99 next, the 0.618 projection of the Mar 29 - May 20 - 31 price swing. On the upside, initial firm resistance is seen at 4041.00, the 20-day EMA.

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