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E-MINI S&P (Z1): 20-DAY EMA Provides Support

EQUITY TECHS
  • RES 4: 4650.60 1.236 proj of Jul 19 - Aug 16 - 19 price swing
  • RES 3: 4600.00 Round number resistance
  • RES 2: 4591.25 1.000 proj of Jul 19 - Aug 16 - 19 price swing
  • RES 1: 4539.50 High Sep 3 and the bull trigger
  • PRICE: 4502.25 @ 14:17 BST Sep 10
  • SUP 1: 4473.93 20-day EMA
  • SUP 2: 4402.73 50-day EMA
  • SUP 3: 4339.75 Low Aug 19 and the bear trigger
  • SUP 4: 4224.00 Low Jul 19 and key support

S&P E-minis are firmer today and have found support ahead of the 20-day EMA that intersects at 4473.93. The underlying trend condition remains bullish with the focus on 4591.25, 1.00 projection of the Jul 19 - Aug 16 - 19 price swing. The bull trigger is at 4539.50, the Sep 3 high. On the downside, a break of the 20-day EMA would signal scope for a deeper pullback. This would potentially expose the 50-day EMA at 4402.73.

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