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

EQUITY TECHS
  • RES 4: 4566.00 High Sep 15 and a key resistance
  • RES 3: 4514.50 High Sep 18
  • RES 2: 4441.61 50-day EMA
  • RES 1: 4419.00 High Oct 11
  • PRICE: 4394.75 @ 08:27 BST Oct 11
  • 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

A bear cycle in S&P E-minis remains in play, despite Friday’s sharp corrective rally and the follow through this morning. The contract traded lower last Wednesday, confirming a resumption of the bear leg once again. This maintains the price sequence of lower lows and lower highs and signals scope for weakness towards 4194.75, the May 24 low. Pivot resistance is 4441.61, the 50-day EMA.

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