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E-MINI S&P TECHS: (U3) Bearish Inside The Bull Channel

EQUITY TECHS
  • RES 4: 4692.12 Bull channel top drawn from the Mar 13 low
  • RES 3: 4670.58 2.00 proj of the Jun 26 - 20 - Jul 7 price swing
  • RES 2: 4593.50/4634.50 High Aug 2 / Jul 27
  • RES 1: 4560.75 High Aug 4
  • PRICE: 4488.75 @ 06:51 BST Aug 11
  • SUP 1: 4473.50 Low Aug 10
  • SUP 2: 4461.63 50-day EMA
  • SUP 3: 4445.52 Bull channel base drawn from the Mar 13 low
  • SUP 4: 4411.25 Low Jul 10

Bearish conditions in the E-mini S&P contract remain intact and price is trading closer to its latest lows. Recent weakness resulted in a break of support at the 20-day EMA, following a failure at the top of the bull channel drawn from the Mar 13 low. This highlights a bearish development and the risk of an extension lower near-term. Further downside would open 4461.63, the 50-day EMA. Resistance to watch is 4560.75, the Aug 4 high.

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