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E-MINI S&P TECHS: (Z3) Remains Vulnerable

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: 4447.00/4502.22 High Sep 21 / 50-day EMA
  • PRICE: 4386.00 @ 14:23 BST Sep 22
  • SUP 1: 4366.00 Intraday low
  • 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. Thursday’s sell-off resulted in a break of support at 4397.75, the Aug 18 low. The breach reinforces bearish conditions and signals scope for a continuation lower near-term. Sights are on 4352.50, the Jun 8 low. Further out, scope is seen for a move to 4318.00, the Jun 2 low. Initial firm resistance is 4502.22, the 50-day EMA.

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