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

EQUITY TECHS
  • RES 4: 4566.00 High Sep 15 and a key resistance
  • RES 3: 4514.50 High Sep 18
  • RES 2: 4425.05/4467.07 20- and 50-day EMA values
  • RES 1: 4399.00 High Sep 22
  • PRICE: 4316.00 @ 14:27 BST Oct 2
  • SUP 1: 4277.00 Low Sep 27 and the bear trigger
  • 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 contract is trading closer to its recent lows. 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 4467.07, the 50-day EMA. Ahead of the 50-day average is resistance at 4399.00, the Sep 22 high, and 4425.05, the 20-day EMA.

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