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E-MINI S&P (Z2): Nearing Critical Support

EQUITY TECHS
  • 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: 3679.50 @ 17:33 BST Sep 23
  • SUP 1: 3676.00 Low Sep 23
  • SUP 2: 3657.00 Low Jun 17 and critical 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 have gone from weak to weaker, with the downside accelerating on the break of July support. Continued weakness here has confirmed 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 critical 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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