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E-MINI S&P (Z1): Retracement Mode

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
  • PRICE: 4483.75 @ 08:02 BST Sep 9
  • SUP 1: 4472.97 20-day EMA
  • SUP 2: 4399.46 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 continue to trade below recent highs. The outlook however is bullish and recent gains to fresh all-time highs again confirmed a resumption of the underlying uptrend. The contract's latest recovery cycle from 4339.75, Aug 19 low meant the 50-day EMA continues to provide support and this reinforces bullish conditions. The average intersects at 4399.46. A clear break of the EMA is still required to signal a stronger short-term reversal.

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