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E-MINI S&P (Z2): Corrective Bounce Extends

EQUITY TECHS
  • RES 4: 4345.75 High Aug 16 and a bull trigger
  • RES 3: 4313.50 High Aug 18
  • RES 2: 4234.25 High Aug 26
  • RES 1: 4175.47 61.8% retracement of the Aug 16 - Sep 7 bear leg
  • PRICE: 4139.50 @ 06:54 BST Sep 13
  • SUP 1: 4022.50/3900.00 Low Sep 9 / Low Sep 7 and the bear trigger
  • SUP 2: 3851.50 Low Jul 19
  • SUP 3: 3741.75 Low Jul 14
  • SUP 4: 3657.00 Low Jun 17 and a major support

The S&P E-Minis trend condition remains bearish, however, a short-term corrective cycle has unfolded following the recovery from last Wednesday’s low. The 50-day EMA has been cleared and this suggests potential for a stronger recovery towards 4175.47 next, a Fibonacci retracement. On the downside, a strong reversal lower would refocus attention on the key support and bear trigger at 3900.00.

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