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

  • RES 4: 4313.50 High Aug 18
  • RES 3: 4234.25 High Aug 26
  • RES 2: 4032.28/4175.00/47 50-day EMA / High Sep 13
  • RES 1: 3936.25 High Sep 20
  • PRICE: 3788.25 @ 14:40 BST Sep 22
  • SUP 1: 3766.75 Intraday low
  • SUP 2: 3741.75 Low Jul 14
  • SUP 3: 3657.00 Low Jun 17 and a major support
  • SUP 4: 3600.00 Round number support

S&P E-Minis traded lower Wednesday and have cleared recent lows to confirm a resumption of the bear cycle that started mid-August. The break lower strengthens bearish conditions and paves the way for a move towards 3741.75, the Jul 14 low. The key support at 3657.00, Jun 17 low, has also been exposed. On the upside, initial firm resistance has been defined at 3936.25, the Sep 20 high.

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