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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: 4061.33 50-day EMA
  • PRICE: 3905.40 @ 14:15 BST Sep 7
  • SUP 1: 3883.50 Intraday low
  • 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 S&P E-Minis trend condition remains bearish and price has again traded lower, delivering a fresh short-term low print today. The contract has recently cleared the 50-day EMA. This reinforces the bearish theme and signals scope for a continuation lower. Attention is on 3902.01, 61.8% of the Jun 17 - Aug 16 upleg. The level has been pierced, a clear break would open 3834.00, the Jul 19 low. Initial firm resistance is at 4061.33, the 50-day EMA.

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