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E-MINI S&P (U1): Key Support Lies At The 50-Day EMA

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 and the bull trigger
  • PRICE: 4390.75 @ 07:07 BST Aug 20
  • SUP 1: 4347.75 Low Aug 19
  • SUP 2: 4343.81 50-day EMA
  • SUP 3: 4320.46 61.8% retracement of the Jul 19 - Aug 16 rally
  • SUP 4: 4224.00 Low Jul 19 and key support

S&P E-minis outlook is bullish however a corrective cycle appears to be dominating for now. If correct it suggests the contract will weaken near-term following this week's move lower. Price has traded below the 20-day EMA reinforcing a short-term bearish theme and this opens the 50-day EMA that intersects at 4343.81 and is a key support. A break of the 50-EMA would strengthen a bearish case. Key resistance is at 4476.50, Aug 16 high.

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