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E-MINI S&P TECHS: (U4) Short-Term Resistance Remains Intact For Now

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: 5596.50 Intraday high
  • PRICE: 5584.50 @ 14:33 BST Aug 1
  • SUP 1: 5432.50 Low Jul 25
  • SUP 2: 5370.62 50.0% retracement of the Apr 19 - Jul 16 bull leg
  • SUP 3: 5364.49 3.0% 10-dma envelope
  • SUP 4: 5267.75 Low May 31 and key support

S&P E-Minis traded lower between Jul 16 - 25, resulting in a break of the 20- and 50-day EMAs. The breach does highlight a short-term bearish threat (a correction) and a resumption of weakness would open 5370.62, a Fibonacci retracement. For bulls, this week’s gains are a positive development. Resistance to watch is 5629.75, the Jul 23 high. Clearance of this level would highlight a bullish break and signal the end of the recent correction.

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