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

EQUITY TECHS
  • 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: 4452.50 @ 06:54 BST Apr 14
  • 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

The S&P E-Minis short-term condition remains bearish and near-term gains are considered corrective. The contract has this week traded below the 50-day EMA, which intersects at 4451.78 today, and this has reinforced a bearish threat. The move below 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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