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

EQUITY TECHS
  • RES 4: 4597.50 High Sep 1 and a near-term bull trigger
  • RES 3: 4566.00 High Sep 15
  • RES 2: 4435.53/4472.85 20- and 50-day EMA values
  • RES 1: 4399.00 High Sep 22
  • PRICE: 4366.75 @ 14:19 BST Sep 29
  • SUP 1: 4277.00 Low Sep 27
  • SUP 2: 4259.00 Low May 31
  • SUP 3: 4242.15 1.236 proj of the Jul 27 - Aug 18 - Sep 1 price swing
  • SUP 4: 4194.75 Low May 24

A bear cycle in S&P E-minis remains in play and the latest recovery appears to be a correction. The recent break of support at 4397.75, the Aug 18 low, reinforced bearish conditions and signals scope for a continuation lower. Sights are on 4242.15, a Fibonacci retracement point. Initial firm resistance is 4472.85, the 50-day EMA. Ahead of the 50-day average is resistance at 4399.00, the Sep 22 high, and 4435.53, the 20-day EMA.

Energy BulletsCommodities
Energy BulletsCommodities

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