September 13, 2024 13:59 GMT
EQUITY TECHS: E-MINI S&P: (U4) Approaching Resistance
EQUITY TECHS
- RES 4: 5821.25 1.00 proj of the Apr 19 - Jul 16 - Aug 5 price swing
- RES 3: 5800.00 Round number resistance
- RES 2: 5721.25 High Jul 16 and key resistance
- RES 1: 5669.75 High Sep 3
- PRICE: 5617.50 @ 14:45 BST Sep 13
- SUP 1: 5519.28/5394.00 50-day EMA / Low Sep 6 and a bear trigger
- SUP 2: 5367.50 Low Aug 13
- SUP 3: 5330.00 61.8% retracement of the Aug 5 - Sep 3 bull leg
- SUP 4: 5249.74 76.4% retracement of the Aug 5 - Sep 3 bull leg
S&P E-Minis remains firm. This week’s recovery highlights a bullish reversal and the end of the corrective cycle between Sep 3 - 6. The contract is trading above the 20- and 50-day EMAs and a continuation higher would signal scope for a test of 5669.75, Sep 3 high. Clearance of this level would open 5721.25, the Jul 16 high and bull trigger. On the downside, a reversal lower and a breach of 5394.00, the Sep 6 low, would reinstate a bearish theme.
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