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E-MINI S&P (H3): Bear Cycle Resumed

EQUITY TECHS
  • RES 4: 4168.50 High Feb 16
  • RES 3: 4100.00 Round number resistance
  • RES 2: 4082.50 High Mar 6
  • RES 1: 4015.27 50-day EMA
  • PRICE: 3891.00 @ 06:13 GMT Mar 10
  • SUP 1: 3869.38 50.0% retracement of the Oct - Feb bull cycle
  • SUP 2: 3788.50 Low Dec 22 and a key support
  • SUP 3: 3735.00 Low Nov 3
  • SUP 4:3690.32 76.4% retracement of the Oct - Feb bull cycle

S&P E-Minis sold off Thursday and the contract is trading lower once again today. Price has cleared key short-term support at 3925.00, the Mar 2 low and this confirms a resumption of the bear cycle that has been in place since the Feb 2 reversal. The move lower signals potential for an extension towards the 3800.00 handle and support at 3788.50, the Dec 22 low. Initial firm resistance is seen at 4015.27, the 50-day EMA.

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