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E-MINI S&P (M2): Bearish Threat Remains Present

  • RES 4: 4730.50 High Jan 1
  • RES 3: 4663.50 High Jan 18
  • RES 2: 4631.00 High Mar 29 and a key resistance
  • RES 1: 4519.75/4588.75 High Apr 8 / High Apr 5
  • PRICE: 4427.50 @ 06:57 BST Apr 13
  • SUP 1: 4362.63 50.0% retracement of the Feb 24 - Mar 29 rally
  • SUP 2: 4499.29 61.8% retracement of the Feb 24 - Mar 29 rally
  • SUP 3: 4239.00 Low Mar 16
  • SUP 4: 4220.92 76.4% retracement of the Feb 24 - Mar 29 rally

S&P E-Minis have recovered from yesterday’s low of 4375.50. The short-term condition remains bearish though. The contract has breached the 50-day EMA, which intersects at 4452.17 and this has reinforced a bearish threat. The move through 4400.00 signals scope for weakness towards 4362.63 next, a Fibonacci retracement. Initial firm resistance has been established at 4519.75, Apr 8 high A break would ease the bearish threat.

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