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EQUITY TECHS: E-MINI S&P: (U4) Bearish Corrective Cycle Still In Play

EQUITY TECHS
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  • 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: 5538.47/5669.75 20-day EMA / High Sep 3 and a bull trigger         
  • PRICE: 5498.75@ 14:21 BST Sep 11
  • SUP 1: 5394.00 Low Sep 6     
  • 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

Recent weakness in S&P E-Minis highlighted the start of a corrective cycle. The contract remains in a bear-mode condition, despite this week’s gains, and scope is seen for a deeper retracement near-term. An extension lower would open 5330.00, 61.8% retracement of the Aug 5 - Sep 3 bull leg. Key resistance has been defined at 5669.75, the Sep 3 high. Initial firm resistance to watch is 5538.47, the 20-day EMA.

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  • 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: 5538.47/5669.75 20-day EMA / High Sep 3 and a bull trigger         
  • PRICE: 5498.75@ 14:21 BST Sep 11
  • SUP 1: 5394.00 Low Sep 6     
  • 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

Recent weakness in S&P E-Minis highlighted the start of a corrective cycle. The contract remains in a bear-mode condition, despite this week’s gains, and scope is seen for a deeper retracement near-term. An extension lower would open 5330.00, 61.8% retracement of the Aug 5 - Sep 3 bull leg. Key resistance has been defined at 5669.75, the Sep 3 high. Initial firm resistance to watch is 5538.47, the 20-day EMA.