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Free AccessE-MINI S&P TECHS: (U3) Key Resistance Remains Intact
- RES 4: 4593.50/4634.50 High Aug 2 / Jul 27 and key resistance
- RES 3: 4560.75 High Aug 4
- RES 2: 4517.75 High Aug 15
- RES 1: 4504.75 Former bull channel base drawn from Mar 13
- PRICE: 4423.25 @ 07:31 BST Aug 28
- SUP 1: 4350.00 Low Aug 18 and a bear trigger
- SUP 2: 4344.28 38.2% retracement of the Mar 13 - Jul 27 bull cycle
- SUP 3: 4305.75 Low Jun 8
- SUP 4: 4254.62 50.0% retracement of the Mar 13 - Jul 27 bull cycle
A sharp sell-off last Thursday in the E-mini S&P contract reinforces a bearish theme and signals the end of the recent corrective bounce between Aug 18 - 24. Attention is on support at 4350.00, the Aug 18 low and bear trigger. A break would confirm a resumption of the current bear cycle. On the upside, resistance to watch is 4504.75, the base of a bull channel that was breached on Aug 16. The channel is drawn from the Mar 13 low.
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Why MNI
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