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E-MINI S&P (M2): Support Remains Exposed

EQUITY TECHS
  • RES 4: 4663.50 High Jan 18
  • RES 3: 4578.50 High Feb 9 and a key resistance
  • RES 2: 4405.76 50-day EMA
  • RES 1: 4299.75/4326.75 20-day EMA / High Mar 11
  • PRICE: 4200.00 @ 14:23 GMT Mar 15
  • SUP 1: 4094.25 Low Feb 24 and a bear trigger
  • SUP 2: 4055.60 Low May 19 2021 (cont)
  • SUP 3: 4029.25 Low May 13 2021 (cont)
  • SUP 4: 3983.25 1.00 proj of the Jan 4 - 24 - Feb 9 price swing

The trend in the S&P E-Minis remains bearish. The contract continues to trade below the 20-day EMA that intersects at 4299.75. A clear break of this average is required to suggest scope for a stronger short-term recovery. This would open the 50-day EMA at 4405.76. On the downside, the bear trigger is unchanged at 4094.25, the Feb 24 low. Clearance of this level would confirm a resumption of the downtrend.

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