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E-MINI S&P (U2): Recovers From Yesterday’s Low

EQUITY TECHS
  • RES 4: 4308.50 High Apr 28
  • RES 3: 4204.75 High May 31 and a key resistance
  • RES 2: 3960.58 50-day EMA
  • RES 1: 3950.00 High Jun 27
  • PRICE: 3938.50 @ 14:38 BST Jul 15
  • SUP 1: 3723.75/3639.00 Low Jul 14 / Low Jun 17 and a 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 lower Thursday but did find support at the day low of 3723.75 and price is firmer today. The outlook remains bearish, following the reversal from 3950.00, the Jun 28 high. A resumption of weakness and a break of yesterday’s 3923.75 low, would open key support at 3639.00, Jun 17 low. On the upside, clearance of resistance at 3950.00 is required to reinstate a bullish theme. This would expose the 50-day EMA, currently at 3960.58.

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