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E-MINI S&P (U2): Corrective Pullback

EQUITY TECHS
  • RES 4: 4419.15 2.236 proj of the Jun 17 - 28 - Jul 14 price swing
  • RES 3: 4400.00 Round number resistance
  • RES 2: 4345.75 2.00 proj of the Jun 17 - 28 - Jul 14 price swing
  • RES 1: 4288.00/4327.50 High Aug 19 /16 and the bull trigger
  • PRICE: 4211.25 @ 06:40 BST Aug 22
  • SUP 1: 4164.93 20-day EMA
  • SUP 2: 4078.40 50-day EMA
  • SUP 3: 4000.00 Round number support
  • SUP 4: 3913.25 Low Jul 26 and a key support

The S&P E-Minis outlook remains bullish, however, a corrective cycle suggests scope for a pullback near-term. This will allow an overbought reading in momentum studies to unwind - attention is on the 20-day EMA at 4164.93. A breach of this EMA would signal scope for a deeper pullback, potentially exposing the 50-day EMA, at 4078.40. Key resistance and the bull trigger is at 4327.50, the Aug 16 high.

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