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E-MINI S&P (Z2): Bullish Engulfing Candle Highlights A Reversal

EQUITY TECHS
  • RES 4: 4234.25 High Aug 26
  • RES 3: 3936.54/4175.00 50-day EMA / High Sep 13
  • RES 2: 3816.53 20-day EMA
  • RES 1: 3761.50 Intraday high
  • PRICE: 3747.75 @ 14:23 BST Oct 4
  • SUP 1: 3571.75 Low Oct 3 and the bear trigger
  • SUP 2: 3558.97 1.382 proj of the Aug 16 - Sep 7 - 13 price swing
  • SUP 3: 3506.38 1.50 proj of the Aug 16 - Sep 7 - 13 price swing
  • SUP 4: 3453.78 1.618 proj of the Aug 16 - Sep 7 - 13 price swing

S&P E-Minis are trading higher today and extending Monday’s reversal from the session low. Yesterday’s candle pattern is a bullish engulfing line and this highlights an important short-term reversal. If correct, it signals scope for a stronger corrective bounce and this is allowing an oversold trend reading to unwind. Scope is seen for a climb towards the 20-day EMA at 3816.53. Key support has been defined at yesterday’s low of 3571.75.

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  • RES 4: 4234.25 High Aug 26
  • RES 3: 3936.54/4175.00 50-day EMA / High Sep 13
  • RES 2: 3816.53 20-day EMA
  • RES 1: 3761.50 Intraday high
  • PRICE: 3747.75 @ 14:23 BST Oct 4
  • SUP 1: 3571.75 Low Oct 3 and the bear trigger
  • SUP 2: 3558.97 1.382 proj of the Aug 16 - Sep 7 - 13 price swing
  • SUP 3: 3506.38 1.50 proj of the Aug 16 - Sep 7 - 13 price swing
  • SUP 4: 3453.78 1.618 proj of the Aug 16 - Sep 7 - 13 price swing

S&P E-Minis are trading higher today and extending Monday’s reversal from the session low. Yesterday’s candle pattern is a bullish engulfing line and this highlights an important short-term reversal. If correct, it signals scope for a stronger corrective bounce and this is allowing an oversold trend reading to unwind. Scope is seen for a climb towards the 20-day EMA at 3816.53. Key support has been defined at yesterday’s low of 3571.75.