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E-MINI S&P (U2): Heading South

EQUITY TECHS
  • RES 4: 4327.50 High Aug 16 and the bull trigger
  • RES 3: 4288.00 High Aug 19
  • RES 2: 4217.25 High Aug 26 and key short-term resistance
  • RES 1: 4067.40 50-day EMA
  • PRICE: 3925.25 @ 06:57 BST Sep 5
  • SUP 1: 3902.01 61.8% retracement of the Jun 17 - Aug 16 upleg
  • SUP 2: 3834.00 Low Jul 19
  • SUP 3: 3801.49 76.4% retracement of the Jun 17 - Aug 16 upleg
  • SUP 4: 3723.75 Low Jul 14

The trend direction in the S&P E-Minis remains down and price is trading closer to recent lows. The contract has recently broken below the 50-day EMA. This reinforces the bearish theme and signals scope for a continuation, with attention on 3902.01 next, a Fibonacci retracement. Clearance of this level would strengthen bearish conditions. Initial firm resistance is at 4067.40, the 50-day EMA.

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