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E-MINI S&P (Z1): Heavy!

EQUITY TECHS
  • RES 4: 4600.00 Round number resistance
  • RES 3: 4591.25 1.000 proj of Jul 19 - Aug 16 - 19 price swing
  • RES 2: 4519.75/39.50 High Sep 9 / High Sep 3 and the bull trigger
  • RES 1: 4478.50 High Sep 16 and key near-term resistance
  • PRICE: 4357.75@ 14:24 BST Sep 20
  • SUP 1: 4339.75 Low Aug 19 and a bear trigger
  • SUP 2: 4299.75 Low Jul 21
  • SUP 3: 4243.50 Low Jul 20
  • SUP 4: 4214.50 Low Jul 19

S&P E-minis have started the week on a soft note as risk-off sentiment dominates. Today's key technical development has been the break of the 50-day EMA at 4412.88. This average is an important support and a decisive break would suggest scope for a deeper pullback near-term. Continued weakness would open 4339.75, the Aug 19 low (today's low has been 4340.00) . First resistance is 4478.50, Sep 16 high.

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