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E-MINI S&P TECHS: (U3) Channel Breakout

EQUITY TECHS
  • RES 4: 4634.50 High Jul 27 and the bull trigger
  • RES 3: 4593.50/4634.50 High Aug 2 / Jul 27
  • RES 2: 4560.75 High Aug 4
  • RES 1: 4515.45 20-day EMA
  • PRICE: 4449.75@ 14:31 BST Aug 16
  • SUP 1: 4447.00 Low Aug 15 and the intraday low
  • SUP 2: 4411.25 Low Jul 10
  • SUP 3: 4400.00 Round number support
  • SUP 4: 4368.50 Low Jun 26

A bearish theme in the E-mini S&P contract remains intact and this week’s move lower has reinforced current conditions. The contract is through the 50-day EMA and has breached channel support drawn from the Mar 13 low - the channel base is at 4461.67. A clear breakout would signal scope for a continuation lower and open 4411.25, the Jul 10 low. Initial resistance to watch is at the 20-day EMA - at 4515.45.

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