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E-MINI S&P TECHS: (U3) Sights Are On The 50-Day EMA

EQUITY TECHS
  • RES 4: 4704.27 3.0% 10-dma envelope
  • RES 3: 4675.96 Bull channel top drawn from the Mar 13 low
  • RES 2: 4670.58 2.00 proj of the Jun 26 - 20 - Jul 7 price swing
  • RES 1: 4593.50/4634.50 High Aug 2 / Jul 27
  • PRICE: 4528.75 @ 06:41 BST Aug 8
  • SUP 1: 4493.75 Low Aug 4
  • SUP 2: 4457.21 50-day EMA
  • SUP 3: 4429.37 Bull channel base drawn from the Mar 13 low
  • SUP 4: 4411.25 Low Jul 10

Bearish conditions in the E-mini S&P contract remain intact. Last week’s sell-off reinforced a bearish threat and resulted in a break of support at the 20-day EMA. The recent failure at the top of the bull channel also highlights a bearish development and the risk of an extension lower near-term. Further downside would open 4457.21, the 50-day EMA. First key resistance is at 4634.50, the Jul 27 high.

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