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EQUITY TECHS: E-MINI S&P: (Z4) Approaching Resistance

EQUITY TECHS
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  • RES 4: 5868.50 1.00 proj of the Apr 19 - Jul 16 - Aug 5 price swing  
  • RES 3: 5800.00 Round number resistance  
  • RES 2: 5785.00 High Jul 16 and key resistance
  • RES 1: 8730.50 High Sep 3        
  • PRICE: 5687.00 @ 07:25 BST Sep 16
  • SUP 1: 5583.10/5451.25 50-day EMA / Low Sep 6 and a bear trigger     
  • SUP 2: 5424.75 Low Aug 13  
  • SUP 3: 5383.49 61.8% retracement of the Aug 5 - Sep 3 bull leg  
  • SUP 4: 5301.51 76.4% retracement of the Aug 5 - Sep 3 bull leg

S&P E-Minis remains firm. Last 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 5730.50, Sep 3 high. Clearance of this level would open 5785.00, the Jul 16 high and bull trigger. On the downside, a reversal lower and a breach of 5451.25, the Sep 6 low, would reinstate a bearish theme.

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  • RES 4: 5868.50 1.00 proj of the Apr 19 - Jul 16 - Aug 5 price swing  
  • RES 3: 5800.00 Round number resistance  
  • RES 2: 5785.00 High Jul 16 and key resistance
  • RES 1: 8730.50 High Sep 3        
  • PRICE: 5687.00 @ 07:25 BST Sep 16
  • SUP 1: 5583.10/5451.25 50-day EMA / Low Sep 6 and a bear trigger     
  • SUP 2: 5424.75 Low Aug 13  
  • SUP 3: 5383.49 61.8% retracement of the Aug 5 - Sep 3 bull leg  
  • SUP 4: 5301.51 76.4% retracement of the Aug 5 - Sep 3 bull leg

S&P E-Minis remains firm. Last 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 5730.50, Sep 3 high. Clearance of this level would open 5785.00, the Jul 16 high and bull trigger. On the downside, a reversal lower and a breach of 5451.25, the Sep 6 low, would reinstate a bearish theme.