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E-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: 4556.73 Former bull channel base drawn from Mar 13
  • PRICE: 4447 25 @ 07:13 BST Aug 29
  • 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 on Aug 24 in the E-mini S&P contract reinforces a bearish theme and signals the end of the Aug 18 - 24 corrective bounce. Short-term gains are considered corrective and 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. Resistance to watch is 4556.73 - the base of a bull channel, drawn from the Mar 13 low that was breached on Aug 16.

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