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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: 3720.75 @ 06:58 BST Sep 29
  • 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. Short-term gains are considered corrective. The move lower strengthens bearish conditions and attention is on key support at 3657.00, the 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.

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  • 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: 3720.75 @ 06:58 BST Sep 29
  • 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. Short-term gains are considered corrective. The move lower strengthens bearish conditions and attention is on key support at 3657.00, the 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.