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E-MINI S&P (U2): Remains Below The 50-Day EMA

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
  • RES 1: 4110.75 Low Aug 24
  • PRICE: 4044.25 @ 06:57 BST Aug 30
  • SUP 1: 3983.25 50% retracement of the Jun 17 - Aug 16 upleg
  • SUP 2: 3902.01 61.8% retracement of the Jun 17 - Aug 16 upleg
  • SUP 3: 3834.00 Low Jul 19
  • SUP 4: 3801.49 76.4% retracement of the Jun 17 - Aug 16 upleg

S&P E-Minis stalled at Friday’s 4217.25 high. The impulsive sell-off reinforces bearish conditions and has resulted in a clear break of the 50-day EMA, at 4086.25. The breach of this pivot support strengthens the case for bears and signals scope for weakness towards 3983.25 next, a Fibonacci retracement. On the upside, initial firm resistance has been defined at 4217.25. A break would ease the current bearish pressure.

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