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E-MINI S&P TECHS: (U3) Channel Support Remains Exposed

EQUITY TECHS
  • RES 4: 4670.58 2.00 proj of the Jun 26 - 20 - Jul 7 price swing
  • RES 3: 4593.50/4634.50 High Aug 2 / Jul 27
  • RES 2: 4560.75 High Aug 4
  • RES 1: 4521.92 20-day EMA
  • PRICE: 4485.50 @ 14:37 BST Aug 15
  • SUP 1: 4459.00 Low Jul 14
  • SUP 2: 4456.29 Bull channel base drawn from the Mar 13 low
  • SUP 3: 4411.25 Low Jul 10
  • SUP 4: 4368.50 Low Jun 26

Bearish conditions in the E-mini S&P contract remain intact and short-term gains are considered corrective. Price is trading closer to its recent lows. Last Friday’s move lower resulted in a test of the 50-day EMA at 4464.19. A clear break of this average would expose 4456.29, the base of a bull channel drawn from the Mar 13 low. Clearance of this support would strengthen a bearish threat. Resistance to watch is 4560.75, Aug 4 high.

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