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E-MINI S&P (U2): Outlook Remains Bearish

EQUITY TECHS
  • RES 4: 4396.75 High Apr 22
  • RES 3: 4308.50 High Apr 28
  • RES 2: 4129.35/4204.75 50-day EMA / High May 31
  • RES 1: 4012.36 20-day EMA
  • PRICE: 3755.75 @ 06:56 BST June 15
  • SUP 1: 3708.50 Low Jun 14
  • SUP 2: 3697.99 0.618 proj of the Mar 29 - May 20 - 31 price swing
  • SUP 3: 3600.00 Round number support
  • SUP 4: 3578 27 618 proj of the Mar 29 - May 20 - 31 price swing

S&P E-Minis maintains a bearish tone. Monday’s sell-off resulted in a break below 3810.00, the May 20 low and bear trigger. The clear break of this support has confirmed a resumption of the primary downtrend and opens 3697.99 next, the 0.618 projection of the Mar 29 - May 20 - 31 price swing. On the upside, initial firm resistance is seen at 4012.36, the 20-day EMA. Short-term gains would be considered corrective.

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