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

EQUITY TECHS
  • RES 4: 4673.50 High Aug 1
  • RES 3: 4617.40 76.4% retracement of the Jul 27 - Aug 18 sell-off
  • RES 2: 4566.00/4597.50 High Sep 15 / 1 and a near-term bull trigger
  • RES 1: 4447.00/4511.54 Intraday high / 20-day EMA
  • PRICE: 4412.50 @ 14:28 BST Sep 21
  • SUP 1: 4397.75 Low Aug 18 and a bear trigger
  • SUP 2: 4352.50 Low Jun 8
  • SUP 3: 4318.00 Low Jun 2
  • SUP 4: 4300.62 50.0% retracement of the Mar 13 - Jul 27 bull cycle

A bear cycle in S&P E-minis remains in play and this week’s break lower reinforces current conditions. Support at 4483.25, the Sep 7 low, has been breached, confirming a resumption of the bear leg that started Sep 1. Attention is on 4397.75, the Aug 18 low and the next key support. Initial key resistance has been defined at 4566.00, the Sep 15 high. A break of this level would be seen as a bullish development.

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