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E-MINI S&P TECHS: (U3) Testing Resistance At The Former Channel Base

EQUITY TECHS
  • 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: 4541.25 High Aug 31
  • PRICE: 4520.50 @ 06:51 BST Sep 1
  • SUP 1: 4452.93/4350.00 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 maintains a firmer short-term tone. Price has traded above resistance at 4526.29, 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, the Aug 4 high. Initial support to watch lies at 4455.40, the 50-day EMA. A return below the average would be a bearish development.

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