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E-MINI S&P (Z2): Bear Trend Extends

  • RES 4: 4313.50 High Aug 18
  • RES 3: 4234.25 High Aug 26
  • RES 2: 4022.08/4175.00/47 50-day EMA / High Sep 13
  • RES 1: 3936.25 High Sep 20
  • PRICE: 3734.25 @ 14:16 BST Sep 23
  • SUP 1: 3715.00 Low Jul 15
  • SUP 2: 3657.00 Low Jun 17 and a major support
  • SUP 3: 3600.00 Round number support
  • SUP 4: 3558.97 1.382 proj of the Aug 16 - Sep 7 - 13 price swing

S&P E-Minis remain soft. Continued weakness confirms a resumption of the bear cycle that started mid-August. The break lower strengthens bearish conditions and note that support at 3741.75, Jul 14 low, has been breached. This exposes the key support at 3657.00, Jun 17 low. On the upside, initial firm resistance has been defined at 3936.25, the Sep 20 high.

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