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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: 4098.76/4204.75 50-day EMA / High May 31
  • RES 1: 3843.00/3961.01 High Jun 15 / 20-day EMA
  • PRICE: 36951.50 @ 07:02 BST June 17
  • SUP 1: 3642.00 Low Jun 16
  • 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 maintain a bearish tone. Monday’s sell-off resulted in a break of 3810.00, the May 20 low and bear trigger. The clear break of this support confirmed a resumption of the primary downtrend. Thursday’s weakness has also highlighted an extension 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 on 3600.00. Firm resistance is seen at 3961.01, the 20-day EMA.

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