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

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  • 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: 3972.50/4031.46 High Mar 14 / 50-day EMA
  • PRICE: 3926.50 @ 07:07 GMT Mar 16
  • 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 short-term condition in S&P E-Minis remains bearish and short-term gains are considered corrective. Price last week cleared 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 4031.46, the 50-day EMA.

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  • 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: 3972.50/4031.46 High Mar 14 / 50-day EMA
  • PRICE: 3926.50 @ 07:07 GMT Mar 16
  • 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 short-term condition in S&P E-Minis remains bearish and short-term gains are considered corrective. Price last week cleared 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 4031.46, the 50-day EMA.