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EQUITY TECHS: E-MINI S&P: (Z4) Short-Term Bearish Threat

EQUITY TECHS
EquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets
  • RES 4: 6012.75 1.00 projection of the Aug 5 - Sep 3 - 6 price swing
  • RES 3: 6000.00 Psychological handle
  • RES 2: 5961.00 1.00 projection of the Sep 6 - 17 - 18 price swing
  • RES 1: 5824.59/5927.25 20-day EMA / High Oct 17 and bull trigger 
  • PRICE: 5772.50 @ 07:10 GMT Nov 4
  • SUP 1: 5732.50 Low Nov 1   
  • SUP 2: 5724.00 Low Oct 2
  • SUP 3: 5637.60 38.2% retracement of the Aug 5 - Oct 17 bull cycle     
  • SUP 4: 5600.25 Low Sep 12

S&P E-Minis traded sharply lower last Thursday but the contract has found some support for now. Price has cleared both the 20- and 50-day EMAs - an important short-term bearish development. The break lower signals scope for an extension and has exposed the next support at 5724.00, the Oct 2 low. Clearance of this level would open 5637.60, a Fibonacci retracement. Initial firm resistance is 5824.59, the 20-day EMA.

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  • RES 4: 6012.75 1.00 projection of the Aug 5 - Sep 3 - 6 price swing
  • RES 3: 6000.00 Psychological handle
  • RES 2: 5961.00 1.00 projection of the Sep 6 - 17 - 18 price swing
  • RES 1: 5824.59/5927.25 20-day EMA / High Oct 17 and bull trigger 
  • PRICE: 5772.50 @ 07:10 GMT Nov 4
  • SUP 1: 5732.50 Low Nov 1   
  • SUP 2: 5724.00 Low Oct 2
  • SUP 3: 5637.60 38.2% retracement of the Aug 5 - Oct 17 bull cycle     
  • SUP 4: 5600.25 Low Sep 12

S&P E-Minis traded sharply lower last Thursday but the contract has found some support for now. Price has cleared both the 20- and 50-day EMAs - an important short-term bearish development. The break lower signals scope for an extension and has exposed the next support at 5724.00, the Oct 2 low. Clearance of this level would open 5637.60, a Fibonacci retracement. Initial firm resistance is 5824.59, the 20-day EMA.