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E-MINI S&P (U2): Key Resistance Still Intact

EQUITY TECHS
  • RES 4: 4308.50 High Apr 28
  • RES 3: 4204.75 High May 31 and a key resistance
  • RES 2: 3980.07 50-day EMA
  • RES 1: 3950.00 High Jun 27
  • PRICE: 3849.00 @ 14:19 BST Jul 12
  • SUP 1: 3735.00/3639.00 Low Jun 23 / 17 and the bear trigger
  • SUP 2: 3578.27 0.618 proj of the Mar 29 - May 20 - 31 price swing
  • SUP 3: 3500.00 Round number support
  • SUP 4: 3384.75 0.764 proj of the Mar 29 - May 20 - 31 price swing

S&P E-Minis traded higher last week and price remains above recent lows. The outlook is unchanged and bearish, following the reversal from 3950.00, the Jun 28 high. The next support lies at 3735.00, the Jun 23 low. A breach of this level would expose key support at 3639.00, the Jun 17 low. On the upside, clearance of resistance at 3950.00 is required to reinstate a bullish theme. This would open the 50-day EMA, currently at 3980.07.

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