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E-MINI S&P: (U4) Corrective Cycle

EQUITY TECHS
  • RES 4: 5721.25 High Jul 16 and Key resistance
  • RES 3: 5600.75 High Aug 1
  • RES 2: 5453.59 50-day EMA
  • RES 1: 53896.75 High Aug 12
  • PRICE: 5381.50 @ 07:23 BST Aug 13
  • SUP 1: 5182.0/5120.00 Low Aug 8 / 5 and the bear trigger
  • SUP 2: 5185 50.76.4% retracement of the Apr 19 - Jul 16 bull leg
  • SUP 3: 5092.00 Low May 2
  • SUP 4: 5020 Low Apr 19 and a key support

Short-term gains in S&P E-Minis are - for now - considered corrective and the 50-day EMA marks a firm resistance, at 5453.59. Clearance of this average is required to alter the picture and signal scope for stronger gains. The contract

traded lower on Aug 5 and this confirmed an extension of the bear cycle. The move down resulted in a print below 5185.50, 76.4% of the Apr 19 - Jul 16 bear leg. A clear break of this level would open 5092.00 next, the May 2 low.

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