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E-MINI S&P (M3): Outlook Remains Bearish

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: 4045.27 50-day EMA
  • PRICE: 3967.75 @ 06:59 GMT Mar 13
  • SUP 1: 3881.00 Low Mar 10
  • SUP 2: 3853.00 Low Jan 6
  • SUP 3: 3822.00 Low Dec 22 and a key support
  • SUP 4: 3778.00 Low Nov 3

The short-term condition in S&P E-Minis remains bearish following last week’s sell-off. Today’s gains are considered corrective. Price last week cleared key short-term support at 3960.75, the Mar 2 low and this confirmed 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 3822.00, the Dec 22 low. Initial firm resistance is seen at 4045.27, the 50-day EMA.

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