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

EQUITY TECHS
  • RES 4: 4566.00 High Sep 15 and a key resistance
  • RES 3: 4514.50 High Sep 18
  • RES 2: 4431.80 50-day EMA
  • RES 1: 4427.75 High Oct 12
  • PRICE: 4388.25 @ 08:41 BST Oct 12
  • SUP 1: 4235.50 Low Oct 4
  • SUP 2: 4194.75 Low May 24
  • SUP 3: 4166.25 1.50 proj of the Jul 27 - Aug 18 - Sep 1 price swing
  • SUP 4: 4134.00 Low May 4

The e-mini S&P printed a higher high for a fifth consecutive session on Thursday before fading into the close. The index has narrowed in on the cluster of resistance at the 50/100-dmas for the Dec contract. Overall, a bear cycle remains in play, however downside momentum has paused in favour of a corrective rally. Pivot resistance remains above at the 50-day EMA at 4431.80, with the medium-term outlook remaining bearish the longer price holds below this level.

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