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  • 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: 4519.75/39.50 High Sep 9 / High Sep 3 and the bull trigger
  • PRICE: 4456.25 @ 14:30 BST Sep 17
  • SUP 1: 4425.25 Low Sep 15
  • SUP 2: 4412.43 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 recovered again yesterday from session lows. Despite the support, it remains too early to determine whether recent gains are a correction or the start of a recovery that resumes the uptrend. Attention is on the key 50-day EMA at 4412.43. This average is an important support. If breached, a break would suggest scope for a deeper pullback near-term. Key resistance is unchanged at 4539.50, Sep 3 high.