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E-MINI S&P TECHS: (U3) Clears Support At The 20-Day EMA

EQUITY TECHS
  • RES 4: 4720.36 3.0% 10-dma envelope
  • RES 3: 4670.25 2.00 proj of the Jun 26 - 20 - Jul 7 price swing
  • RES 2: 465981 Bull channel top
  • RES 1: 4593.50/4634.50 High Aug 2 / Jul 27
  • PRICE: 4530.50 @ 16:52 BST Aug 3
  • SUP 1: 4505.75 Low Aug 3
  • SUP 2: 4470.00 Low Jul 12
  • SUP 3: 4449.29 50-day EMA
  • SUP 4: 4413.21 Bull channel base drawn from the Mar 13 low

The E-mini S&P contract continues to trade below 4634.50, the Jul 27 high and hit a fresh pullback low of 4505.75 just after the cash open. Wednesday’s move lower reinforces a bearish theme and has resulted in a break of support around the 20-day EMA. The recent failure at the top of the bull channel and the break of the 20-day average, highlights a developing bearish threat. A continuation lower would open 4449.29, the 50-day EMA. First key resistance is at 4634.50, the Jul 27 high.

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