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E-MINI S&P (Z1): Bearish Risk Still Present

EQUITY TECHS
  • RES 4: 4539.50 High Sep 3 and the bull trigger
  • RES 1: 4519.75 High Sep 9
  • RES 3: 4481.50 76.4% retracement of the Sep 3 - 20 downleg
  • RES 1: 4394.80/4472.00 50-day EMA / High Sep 27
  • PRICE: 4307.00 @ 14:23 BST Oct 5
  • SUP 1: 4260.00 Low Oct 1
  • SUP 2: 4243.50 Low Jul 20
  • SUP 3: 4214.50 Low Jul 19 and a key support
  • SUP 4: 4117.00 Low Jun 21

S&P E-minis remain above recent lows but maintain a bearish theme. This follows Friday's break of 4293.75, Sep 20 low. The break strengthens a bearish case and confirms a resumption of the bear cycle from Sep 3. The move also establishes a price sequence of lower lows and lower highs and this reinforces bearish conditions. The focus is on 4214.50, Jul 19 low. The 50-day EMA at 4394.80 is resistance. S/T gains are considered corrective.

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