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E-MINI S&P TECHS: (U3) Gains Considered Corrective

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: 4452.08/4469.84 50- and 20-day EMA values
  • PRICE: 4409.25 @ 14:27 BST Aug 23
  • SUP 1: 4344.28 38.2% retracement of the Mar 13 - Jul 27 bull cycle
  • SUP 2: 4305.75 Low Jun 8
  • SUP 3: 4254.62 50.0% retracement of the Mar 13 - Jul 27 bull cycle
  • SUP 4: 4216.00 Low May 31

A bearish theme in the E-mini S&P contract remains intact and this week’s recovery appears to be a correction. Last week’s price action reinforces this theme. The move lower resulted in a break of the 50-day EMA and a breach of channel support drawn from the Mar 13 low. The Jun 26 low of 4368.50, was breached last Friday and attention is on 4344.28, a Fibonacci retracement. Initial firm resistance is at 4452.08, the 50-day EMA.

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