E-MINI S&P (Z1): Heavy Below The 50-Day EMA

• RES 4: 4539.50 High Sep 3 and the bull trigger
• RES 1: 4519.75 High Sep 9
• RES 3: 4478.50 High Sep 16
• RES 1: 4407.72/18.00 50-day EMA / High Sep 20
• PRICE: 4348.00 @ 05:46 BST Sep 22
• SUP 1: 4293.75 Low Sep 20 and the bear trigger
• 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 4293.75, Monday's low. The outlook is bearish following the clear breach this week of the 50-day EMA. A key short-term support and bear trigger has been established at 4293.75. Price needs to trade above Monday's high of 4418.00 to suggest the tide may have turned and signal scope for stronger recovery. Note a break of 4418.00 would also see price move back above the 50-day EMA and this would be positive.