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E-MINI S&P (U1): Dips Considered Corrective

EQUITY TECHS
  • RES 4: 4542.58 1.236 proj of Jun 21 - Jul 14 - 19 price swing
  • RES 3: 4500.00 Round number resistance
  • RES 2: 4481 75.1.00 proj of Jun 21 - Jul 14 - 19 price swing
  • RES 1: 4476.50 High Aug 16
  • PRICE: 4435.75 @ 14:11 BST Aug 18
  • SUP 1: 4411.75 Low Aug 17
  • SUP 2: 4365.25 Low Aug 3
  • SUP 3: 4335.01 50-day EMA
  • SUP 4: 4224.00 Low Jul 19 and key support

S&P E-minis outlook is bullish and short-term dips are still considered corrective. Recent gains have confirmed a resumption of the uptrend signalling scope for further strength as the contract maintains a bullish price sequence of higher highs and higher lows. Moving average studies are also pointing north, reinforcing current trend conditions. The focus is on 4481.75 next, a Fibonacci projection. Firm support is 4365.25, Aug 3 low.

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