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E-MINI S&P TECHS: (Z3) Bear Cycle Extension

EQUITY TECHS
  • RES 4: 4673.50 High Aug 1
  • RES 3: 4617.40 76.4% retracement of the Jul 27 - Aug 18 sell-off
  • RES 2: 4566.00/4597.50 High Sep 15 / 1 and a near-term bull trigger
  • RES 1: 4518.33 20-day EMA
  • PRICE: 4455.00 @ 20:50 BST Sep 20
  • SUP 1: 4451.00 Intraday low
  • SUP 2: 4444.89 76.4% retracement of the Aug 18 - Sep 1 bull leg
  • SUP 3: 4412.25 Low Aug 25
  • SUP 4: 4397.75 Low Aug 18 and a bear trigger

A bear cycle in S&P E-minis remains in play and today’s break lower reinforces current conditions. Support at 4483.25, the Sep 7 low, has been breached this week, confirming a resumption of the bear leg that started Sep 1. A continuation lower would expose 4397.75, the Aug 18 low and the next key support. Initial key resistance has been defined at 4566.00, the Sep 15 high. A break of this level would be seen as a bullish development.

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