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E-MINI S&P (Z2): Short-Term Gains Considered Corrective

EQUITY TECHS
  • RES 4: 4313.50 High Aug 18
  • RES 3: 4234.25 High Aug 26
  • RES 2: 3983.16/4175.00 50-day EMA / High Sep 13
  • RES 1: 3783.25/3936.25 High Sep 23 / 20
  • PRICE: 3666.00 @ 14:09 BST Sep 28
  • SUP 1: 3600.00 Round number support
  • 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 trend conditions remain bearish following last week’s extension lower and the bearish follow through this week. The move strengthens bearish conditions and attention is on key support at 3657.00, Jun 17 low. This support has been pierced. A clear break would confirm a resumption of the broader downtrend and opens 3600.00 next. Initial firm resistance is at 3936.25, Sep 20 high. Short-term gains are considered corrective.

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