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E-MINI S&P TECHS: (Z3) Bear Trend Extends

EQUITY TECHS
  • RES 4: 4597.50 High Sep 1 and a near-term bull trigger
  • RES 3: 4566.00 High Sep 15
  • RES 2: 4485.10 50-day EMA
  • RES 1: 4399.00 High Sep 22
  • PRICE: 4328.25 @ 06:56 BST Sep 27
  • SUP 1: 4305.50 Low Sep 26
  • SUP 2: 4300.62 50.0% retracement of the Mar 13 - Jul 27 bull cycle
  • SUP 3: 4259.00 Low May 31
  • SUP 4: 4242.15 1.236 proj of the Jul 27 - Aug 18 - Sep 1 price swing

A bear cycle in S&P E-minis remains in play and the contract traded lower Tuesday, extending the current downleg. Last Thursday’s sell-off resulted in a break of support at 4397.75, the Aug 18 low. This breach reinforced bearish conditions and signals scope for a continuation lower. Sights are on 4300.62, a Fibonacci retracement point. Initial firm resistance is 4485.10, the 50-day EMA. Short-term gains would be considered corrective.

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