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E-Minis Look Below Bear Trigger

EQUITIES

The S&P 500 e-mini contract has moved back to neutral levels, after struggling to stick meaningfully below the bear trigger point (the Jan 24 low at 4,212.75). Still, the show below that level on both Wednesday & during early Asia hours reinforces bearish conditions. Our technical analyst notes that the moving average set-up continues to suggest that the broader path of least resistance remains down. With the bear trigger breached, next support is seen at 23.6% of the Mar ‘20-Jan ‘22 major rally (4186.57). For bulls, a clear break of the 50-day EMA is required to suggest scope for a stronger recovery. Until then, a bearish threat remains present.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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