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(U2) Bearish Theme

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E-MINI S&P (U2): Bullish Extension

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Outlook Remains Bearish

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Pullback Considered Corrective

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Hammer Candle Pattern Highlights A Reversal

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E-MINI S&P (U2): Approaching Its Bear Trigger

EQUITY TECHS
  • RES 4: 4396.75 High Apr 22
  • RES 3: 4308.50 High Apr 28
  • RES 2: 4161.21/4204.75 50-day EMA / High May 31
  • RES 1: 4071.26 20-day EMA
  • PRICE: 3838.50@ 06:59 BST June 13
  • SUP 1: 3810.00 Low May 20 and bear trigger
  • SUP 2: 3801.97 38.2% of the Mar ‘20 - Jan ‘22 bull leg (cont)
  • SUP 3: 3794.75 0.50 proj of the Mar 29 - May 20 - 31 price swing
  • SUP 4: 3697.99 0.618 proj of the Mar 29 - May 20 - 31 price swing

S&P E-Minis failed to overcome resistance at the 50-day EMA - the average intersects at 4161.21. Futures are weak again today, extending the latest reversal lower. The pullback paves the way for weakness towards the key support and bear trigger at 3810.00, May 20 low. A breach of this level would resume the downtrend. Key short-term resistance, just above the 50-day EMA, is at 4204.75, May 31 high.

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  • RES 4: 4396.75 High Apr 22
  • RES 3: 4308.50 High Apr 28
  • RES 2: 4161.21/4204.75 50-day EMA / High May 31
  • RES 1: 4071.26 20-day EMA
  • PRICE: 3838.50@ 06:59 BST June 13
  • SUP 1: 3810.00 Low May 20 and bear trigger
  • SUP 2: 3801.97 38.2% of the Mar ‘20 - Jan ‘22 bull leg (cont)
  • SUP 3: 3794.75 0.50 proj of the Mar 29 - May 20 - 31 price swing
  • SUP 4: 3697.99 0.618 proj of the Mar 29 - May 20 - 31 price swing

S&P E-Minis failed to overcome resistance at the 50-day EMA - the average intersects at 4161.21. Futures are weak again today, extending the latest reversal lower. The pullback paves the way for weakness towards the key support and bear trigger at 3810.00, May 20 low. A breach of this level would resume the downtrend. Key short-term resistance, just above the 50-day EMA, is at 4204.75, May 31 high.