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E-MINI S&P TECHS: (U4) Corrective Bounce

EQUITY TECHS
  • RES 4: 5741.34 3.382 proj of the Apr 19 - 29 - May 2 price swing
  • RES 3: 5721.25 High Jul 16 and the bull trigger
  • RES 2: 5629.75 High Jul 23
  • RES 1: 5549.47 20-day EMA
  • PRICE: 5546.50 @ 15:06 BST Jul 31
  • SUP 1: 5432.50 Low Jul 25
  • SUP 2: 5372.35 3.0% 10-dma envelope
  • SUP 3: 5370.62 50.0% retracement of the Apr 19 - Jul 16 bull leg
  • SUP 4: 5267.75 Low May 31 and key support

S&P E-Minis traded lower last week and this resulted in a break of the 20- and 50-day EMAs. This reinforces the short-term bearish cycle and signals scope for an extension near-term. Note that the move down is considered corrective. Potential is seen for a move towards 5396.09, the lower band of a MA envelope, ahead of 5370.62 a Fibonacci retracement. Today’s gains are considered corrective, key short-term resistance is 5629.75, Jul 23 high.

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