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E-MINI S&P TECHS: (Z3) Bears Remain In The Driver’s Seat

EQUITY TECHS
  • RES 4: 4459.12 Trendline resistance drawn from the Jul 27 high
  • RES 3: 4430.50 High Oct 12
  • RES 2: 4365.48 50-day EMA
  • RES 1: 4295.88/4285.39 Low Oct 4 / 20-day EMA
  • PRICE: 4187.50 @ 13:25 BST Oct 31
  • SUP 1: 4122.25 LowOct 27
  • SUP 2: 4100.00 Round number support 4124.19
  • SUP 3: 4090.35 1.764 proj of the Jul 27 - Aug 18 - Sep 1 price swing
  • SUP 4: 4049.00 Low Mar 28

S&P e-minis maintain a softer tone and short-term gains are considered corrective. The contract traded to a fresh cycle low last Friday. Last week’s breach of support at 4235.50, Oct 4 low and bear trigger, confirms a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. MA studies are in a bear-mode position too. The focus is on 4100.00. Initial firm resistance is at 4285.39, the 20-day EMA.

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