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E-MINI S&P TECHS: (U4) Bear Cycle Extends

EQUITY TECHS
  • RES 4: 5721.25 High Jul 16 and Key resistance
  • RES 3: 5600.75 High Aug 1
  • RES 2: 5494.20 50-day EMA
  • RES 1: 5345.50 Intraday high
  • PRICE: 5183.00 @ 14:13 BST Aug 5
  • SUP 1: 5120.00 Intraday low
  • SUP 2: 5185 50.76.4% retracement of the Apr 19 - Jul 16 bull leg
  • SUP 3: 5092.00 Low May 2
  • SUP 4: 5020 Low Apr 19 and a key support

S&P E-Minis traded lower late last week and the contract has started this week’s session on a bearish note as the current sell-off extends. The move lower has also resulted in a break of 5185.50, a Fibonacci retracement. A clear break of this level would signal scope for an extension towards 5092.00 next, the May 2 low. Today’s intraday high of 5345.50 marks initial resistance. The 50-day EMA, a firmer level, is at 5494.20.

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