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EQUITY TECHS: E-MINI S&P: (U4) Corrective Cycle

EQUITY TECHS
EquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets
  • 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: 5566.09/5669.75 20-day EMA / High Sep 3 and a bull trigger         
  • PRICE: 5514.50 @ 05:50 BST Sep 4
  • SUP 1: 55507.50 Intraday low   
  • SUP 2: 5459.75 38.2% retracement of the Aug 5 - Sep 3 bull leg 
  • SUP 3: 5438.75 Low Aug 14   
  • SUP 4: 5394.88 50.0% retracement of the Aug 5 - Sep 3 bull leg

A bullish theme S&P E-Minis remains intact, however yesterday’s sharp sell-off signals the start of a corrective cycle. Price has traded through the 20-day EMA and pierced support at the 50-day average, at 5519.81. A clear break of the 50-day EMA would signal scope for a deeper retracement towards 5459.75, a Fibonacci retracement. Key near-term resistance has been defined at 5669.75, the Sep 3 high. A breach of it would be bullish. 

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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: 5566.09/5669.75 20-day EMA / High Sep 3 and a bull trigger         
  • PRICE: 5514.50 @ 05:50 BST Sep 4
  • SUP 1: 55507.50 Intraday low   
  • SUP 2: 5459.75 38.2% retracement of the Aug 5 - Sep 3 bull leg 
  • SUP 3: 5438.75 Low Aug 14   
  • SUP 4: 5394.88 50.0% retracement of the Aug 5 - Sep 3 bull leg

A bullish theme S&P E-Minis remains intact, however yesterday’s sharp sell-off signals the start of a corrective cycle. Price has traded through the 20-day EMA and pierced support at the 50-day average, at 5519.81. A clear break of the 50-day EMA would signal scope for a deeper retracement towards 5459.75, a Fibonacci retracement. Key near-term resistance has been defined at 5669.75, the Sep 3 high. A breach of it would be bullish.