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E-MINI S&P (U2): Trend Remains Down

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 and key short-term resistance
  • RES 1: 4110.75 Low Aug 24
  • PRICE: 4013.50 @ 14:50 BST Aug 31
  • SUP 1: 3964.50 Low Aug 30
  • 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 bearish activity Tuesday reinforces the current downtrend and price remains below the 50-day EMA at 4082.37. The recent break of this average- a pivot support - strengthens bearish conditions and attention is on 3902.01 next, a Fibonacci retracement. On the upside, initial firm resistance has been defined at 4217.25, the Aug 26 high. A break would ease the current bearish pressure.

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