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E-MINI S&P (Z2): Oversold Trend Condition Begins to Unwind

EQUITY TECHS
  • RES 4: 4023.44 61.8% retracement of the Aug 16 - Oct 13 downleg
  • RES 3: 3923.88 50.0% retracement of the Aug 16 - Oct 13 downleg
  • RES 2: 3867.00 50-day EMA
  • RES 1: 3737.94/3820.00 20-day EMA / High Oct 5
  • PRICE: 3704.00 @ 14:36 BST Oct 14
  • SUP 1: 3502.00 Low Oct 13 and the bear trigger
  • SUP 2: 3491.13 50.0% retracement of the 2020 - 2022 bull cycle
  • SUP 3: 3453.78 1.618 proj of the Aug 16 - Sep 7 - 13 price swing
  • SUP 4: 3388.70 1.764 proj of the Aug 16 - Sep 7 - 13 price swing

A volatile session on Thursday in S&P E-Minis resulted in a strong bounce from the day low as well as the trend low of 3502.00. The recovery suggests that the contract has entered a corrective phase and if correct, this will allow an oversold trend condition to unwind. Attention is on 3737.94, the 20-day EMA. A break would reinforce a bullish theme and open 3820.00, the Oct 5 high. Key support and the bear trigger lies at 3502.00.

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