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E-MINI S&P (U2): Resumes Its Downtrend

EQUITY TECHS
  • RES 4: 4396.75 High Apr 22
  • RES 3: 4308.50 High Apr 28
  • RES 2: 4116.18/4204.75 50-day EMA / High May 31
  • RES 1: 3843.00/3991.51 High Jun 15 / 20-day EMA
  • PRICE: 3691.50 @ 15:27 BST June 16
  • SUP 1: 3676.00 Intraday low
  • SUP 2: 3656.50 Low Feb 1 2021 (cont)
  • SUP 3: 3578.27 0.618 proj of the Mar 29 - May 20 - 31 price swing
  • SUP 4: 3500.00 Round number support

S&P E-Minis maintain 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 confirmed a resumption of the primary downtrend. Today’s weakness has also confirmed a resumption of the bear cycle and price has cleared 3697.99 next, the 0.618 projection of the Mar 29 - May 20 - 31 price swing. The focus is 3600.00. Firm resistance is seen at 3991.51, the 20-day EMA.

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