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E-MINI S&P (U2): Approaching The 50-Day EMA

EQUITY TECHS
  • RES 4: 4419.15 2.236 proj of the Jun 17 - 28 - Jul 14 price swing
  • RES 3: 4345.75 2.00 proj of the Jun 17 - 28 - Jul 14 price swing
  • RES 2: 4288.00/4327.50 High Aug 19 /16 and the bull trigger
  • RES 1: 4221.50 High Aug 22
  • PRICE: 4129.75 @ 14:24 BST Aug 24
  • SUP 1: 4082.81 50-day EMA
  • SUP 2: 4000.00 Round number support
  • SUP 3: 3994.50 Low Jul 28
  • SUP 4: 3913.25 Low Jul 26 and a key support

A corrective cycle remains in play in the S&P E-Minis contract, signalling scope for a deeper pullback near-term. This is allowing an overbought reading in momentum studies to unwind. The 20-day EMA has been breached and attention is on the 50-day EMA, at 4082.81 - a key pivot support. Key resistance and the bull trigger is at 4327.50, the Aug 16 high. Initial resistance is at 4221.50, Monday’s high.

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