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E-MINI S&P TECHS: (U3) Bearish Cycle

EQUITY TECHS
  • RES 4: 4634.50 High Jul 27 and key resistance
  • RES 3: 4593.50 High Aug 2
  • RES 2: 4560.75 High Aug 4
  • RES 1: 4547.75 High Sep 1 and a near-term bull trigger
  • PRICE: 4461.25 @ 06:45 BST Sep 8
  • SUP 1: 4433.50 Low Aug 29
  • SUP 2: 4350.00 Low Aug 18 and a bear trigger
  • SUP 3: 4344.28 38.2% retracement of the Mar 13 - Jul 27 bull cycle
  • SUP 4: 4305.75 Low Jun 8

The E-mini S&P contract traded lower yesterday and a bear cycle remains in play. Key resistance has been defined at 4547.75, Sep 1 high. A break is required to reinstate the recent bullish theme. Note that recent gains stalled at the area of resistance around the former bull channel base - drawn from the Mar 13 low. The line intersects at 4547.83. This is a bearish development and a continuation lower would expose key support at 4350.00, Aug 18 low.

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