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E-MINI S&P (Z2): Bullish Engulfing Candle Still In Play

EQUITY TECHS
  • RES 4: 4234.25 High Aug 26
  • RES 3: 4175.00 High Sep 13 and a key resistance
  • RES 2: 3931.31 50-day EMA
  • RES 1: 3815.27 20-day EMA
  • PRICE: 3758.25 @ 14:19 BST Oct 5
  • 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 traded higher Tuesday, extending Monday’s reversal from 3571.75. Monday’s candle pattern is a bullish engulfing line and this highlights an important short-term trend 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 next, at 3815.27. Key support has been defined at 3571.75.

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