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E-MINI S&P TECHS: (U3) Testing Resistance
- RES 4: 4634.50 High Jul 27 and key resistance
- RES 3: 4593.50 High Aug 2
- RES 2: 4560.75 High Aug 4
- RES 1: 4515.52 Former bull channel base drawn from Mar 13
- PRICE: 4508.75 @ 06:51 BST Aug 30
- SUP 1: 4450.02/4350.00 50-day EMA / 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
The E-mini S&P contract remains in a downtrend, however, yesterday’s gains highlights an extension of the current bull cycle. The contract is testing a key resistance at 4515.52 - the base of a bull channel, drawn from the Mar 13 low that was breached on Aug 16. A clear break of this level would strengthen the upleg and open 4560.75, Aug 4 high. On the downside, the bear trigger lies at 4350.00, the Aug 18 low. A break would resume the downtrend.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.