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EQUITY TECHS: E-MINI S&P: (U4) Pierces The 50-Day EMA 

EQUITY TECHS
  • RES 4: 5721.25 High Jul 16 and Key resistance   
  • RES 3: 5664.00 High Jul 18 
  • RES 2: 5579.35 76.4% retracement of the Jul 16 - Aug 5 bear leg 
  • RES 1: 5491.57 61.8% retracement of the Jul 16 - Aug 5 bear leg      
  • PRICE: 5465.75 @ 14:14 BST Aug 14
  • SUP 1: 5319.50 Low Aug 9  
  • SUP 2: 5182.0/5120.00 Low Aug 8 / 5 and the bear trigger
  • SUP 3: 5092.00 Low May 2  
  • SUP 4: 5020 Low Apr 19 and a key support

Short-term gains in S&P E-Minis are - for now - considered corrective. However, yesterday’s strong rally delivered a print above the 50-day EMA, at 5453.80. A clear break of this average would undermine the recent bearish theme and instead signal scope for a stronger recovery. This would open 5579.35, a Fibonacci retracement. A reversal lower would refocus attention on the bear trigger at 5120.00, the Aug 5 low.

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