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E-MINI S&P TECHS: (Z3) Corrective Gains

EQUITY TECHS
  • RES 4: 4685.25 High Jul 27 and key resistance
  • RES 3: 4617.40 61.8% retracement of the Jul 27 - Aug 18 sell-off
  • RES 2: 4597.50 High Sep 1 and a near-term bull trigger
  • RES 1: 4553.25 High Sep 6
  • PRICE: 4530.00 @ 14:37 BST Sep 12
  • SUP 1: 4482.00 Low Aug 29
  • SUP 2: 4397.75 Low Aug 18 and a bear trigger
  • SUP 3: 4378.75 Low Jun 9
  • SUP 4: 4352.50 Low Jun 8

The E-mini S&P contract traded higher Monday. For now, gains are considered corrective and a bear cycle remains in play. Key resistance has been defined at 4597.50, the Sep 1 high. A break is required to reinstate the recent bullish theme. A resumption of weakness would signal scope for a move towards the key support and bear trigger at 4397.75, the Aug 18 low. Clearance of this support would highlight a short-term reversal.

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