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E-MINI S&P (U1): Consolidating Near Recent Highs

EQUITY TECHS
  • RES 4: 4610.63 1.50 proj of Jun 21 - Jul 14 - 19 price swing
  • RES 3: 4600.00 Round number resistance
  • RES 2: 4580.21 1.382 proj of Jun 21 - Jul 14 - 19 price swing
  • RES 1: 4542.58 1.236 proj of Jun 21 - Jul 14 - 19 price swing
  • PRICE: 4520.00 @ 06:56 BST Sep 2
  • SUP 1: 4462.29 20-day EMA
  • SUP 2: 4389.35 50-day EMA
  • SUP 3: 4347.75 Low Aug 19 and the bear trigger
  • SUP 4: 4224.00 Low Jul 19 and key support

S&P E-minis are consolidating. The outlook is bullish and the contract traded higher Tuesday, registering a fresh all-time high confirming a resumption of the underlying uptrend. The contract's recent recovery from 4347.75, Aug 19 low means the 50-day EMA remains intact and this reinforces bullish conditions. The average intersects at 4389.35 and represents a key trend support. A clear break of the average is required to signal a S/T reversal.

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