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E-MINI S&P TECHS: (Z3) Clears Key Support

  • RES 4: 4514.50 High Sep 18
  • RES 3: 4479.38 Trendline resistance drawn from the Jul 27 high
  • RES 2: 4410.92/4430.50 50-day EMA / High Oct 12
  • RES 1: 4360.16 20-day EMA
  • PRICE: 4232.75 @ 14:30 BST Oct 23
  • SUP 1: 4215.25 Intraday low
  • 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

S&P e-minis maintain a softer tone and the contract has started the week on a bearish note. Support at 4235.50, the Oct 4 low and bear trigger, has been breached. The break of this support confirms a resumption of the downtrend and opens 4197.75, the May 24 low. Price remains below resistance at the 50-day EMA, at 4410.92. A clear breach of this average is required to strengthen bullish conditions. Initial resistance is at 4360.16, the 20-day EMA.

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