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E-MINI S&P TECHS: (U3) Channel Resistance Still Intact

EQUITY TECHS
  • RES 4: 4718.87 3.0% 10-dma envelope
  • RES 3: 4670.25 2.00 proj of the Jun 26 - 20 - Jul 7 price swing
  • RES 2: 4643.65 Bull channel top
  • RES 1: 4634.50 High Jul 27
  • PRICE: 4615.75 @ 14:18 BST Jul 31
  • SUP 1: 4534.05 20-day EMA
  • SUP 2: 4470.00 Low Jul 12
  • SUP 3: 4432.24 50-day EMA
  • SUP 4: 4397.06 Bull channel base drawn from the Mar 13 low

The E-mini S&P contract traded to a high of 4634.50 last Thursday before reversing. This highlights a possible short-term bearish signal. Price has found resistance at the top of a bull channel drawn from the Mar 13 low - the channel top is at 4643.65 today. An extension lower would expose the 20-day EMA - at 4534.05 and a break of this level would strengthen bearish conditions. Clearance of the channel top is required to resume the uptrend.

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