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E-MINI S&P TECHS: (Z3) Bear Cycle Remains In Play

EQUITY TECHS
  • RES 4: 4465.88 Trendline resistance drawn from the Jul 27 high
  • RES 3: 4430.50 High Oct 12
  • RES 2: 4382.41 50-day EMA
  • RES 1: 4235.50/4312.52 Low Oct 4 / 20-day EMA
  • PRICE: 4182.00 @ 07:00 BST Oct 27
  • SUP 1: 4134.00 Low May 4
  • SUP 2: 4124.19 61.8% retracement of the Mar - Jul bull leg (cont)
  • SUP 3: 4100.00 Round number support
  • SUP 4: 4090.35 1.764 proj of the Jul 27 - Aug 18 - Sep 1 price swing

S&P e-minis maintain a softer tone and the contract traded lower Thursday. This week’s breach of support at 4235.50, the Oct 4 low and bear trigger, confirms a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. Moving average studies are in a bear-mode position too. The focus is on 4166.25, a Fibonacci projection. Initial firm resistance is at 4312.52, the 20-day EMA.

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