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

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: 4025.01 50-day EMA
  • PRICE: 3987.25 @ 06:35 GMT Mar 21
  • 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 despite the latest recovery - a correction. Price has recently cleared a key support at 3960.75, the Mar 2 low, to confirm a resumption of the bear cycle that started Feb 2. The move lower signals scope for an extension towards 3822.00 next, the Dec 22 low. Initial firm resistance is seen at 4025.01, the 50-day EMA. A break of this average would alter the picture.

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