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E-MINI S&P (M3): Resistance At The 50-Day EMA Remains Intact

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: 4026.76 50-day EMA
  • PRICE: 3903.25 @ 06:52 GMT Mar 20
  • SUP 1: 3839.25 Low Mar 13
  • 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 trend condition in S&P E-Minis remains bearish and recent short-term gains appear to be a correction. Price has recently cleared a key short-term support at 3960.75, Mar 2 low to confirm a resumption of the bear cycle that has been in place since Feb 2. The move lower signals scope for an extension towards 3822.00 next, the Dec 22 low. Initial firm resistance is seen at 4026.76, the 50-day EMA. A break of this EMA would alter the picture.

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