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

• 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: 4454.24/4477.27 50- and 20-day EMA values
• PRICE: 4430.00 @ 14:11 BST Aug 22
• 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 last week’s price action reinforces this theme. Furthermore, this week’s gains appear to be a correction. The move lower last week resulted in a break of the 50-day EMA and a breach of channel support drawn from the Mar 13 low. 4368.50, the Jun 26 low, was breached last Friday and attention is on 4344.28, a Fibonacci retracement. Initial firm resistance is at 4454.24, the 50-day EMA.