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E-MINI S&P TECHS: (M4) Bear Cycle Remains In Play

EQUITY TECHS
  • RES 4: 5400.00 Round number resistance
  • RES 3: 5285.00/5333.50 High Apr 10 / 1 and the bull trigger
  • RES 2: 5209.21 20-day EMA
  • RES 1: 5154.43 50-day EMA
  • PRICE: 5082.50 @ 07:22 BST Apr 17
  • SUP 1: 5070.36 38.2% retracement of the Oct 27 ‘23 - Apr 1 bull leg
  • SUP 2: 5018.00 Low Feb 21
  • SUP 3: 4994.25 Low Feb 13
  • SUP 4: 4907.57 50.0% retracement of the Oct 27 ‘23 - Apr 1 bull leg

The short-term trend condition in S&P E-Minis is unchanged and remains bearish. This week’s move lower reinforces the current condition - the contract has traded through support at the 50-day EMA, signalling scope for a continuation lower near-term. Sights are on 5070.36 next, a Fibonacci retracement. Clearance of this level would open 5018.00, the Feb 21 low. Firm resistance is seen at 5209.2, the 20-day EMA.

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