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E-MINI S&P (M3): Fresh Trend Lows

EQUITY TECHS
  • RES 4: 4244.00 High Feb 2 and key resistance
  • RES 3: 4200.00 Round number resistance
  • RES 2: 4119.50 High Mar 6
  • RES 1: 3960.75/4045.27 Low Feb 2 / 50-day EMA
  • PRICE: 3873.00 @ 13:12 GMT Mar 13
  • SUP 1: 3839.25 Intraday low
  • SUP 2: 3822.00 Low Dec 22 and a key support
  • SUP 3: 3778.00 Low Nov 3
  • SUP 4: 3724.86 76.4% retracement of the Oct 13 - Feb 2 bull cycle

The short-term condition in S&P E-Minis remains bearish and today’s move lower reinforces this theme. Price last week cleared key short-term support at 3960.75, the Mar 2 low to confirm a resumption of the bear cycle that has been in place since the Feb 2 reversal. The move lower signals scope for an extension towards 3822.00 next, the Dec 22 low. Initial firm resistance is seen at 4045.27, the 50-day EMA.

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