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E-MINI S&P TECHS: (U3) Heading South

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: 4459.03/4494.76 20- and 50-day EMA
  • PRICE: 4365.75 @ 14:33 BST Aug 18
  • 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: 42116.00 Low May 31

A bearish theme in the E-mini S&P contract remains intact and today’s sell-off reinforces this theme. This week’s bearish price action has resulted in a break of the 50-day EMA and the contract has breached channel support drawn from the Mar 13 low. 4368.50, the Jun 26 low, has been breached today and attention turns to 4344.28, a Fibonacci retracement. Initial firm resistance to watch is at the 50-day EMA - at 4459.03.

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