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Resend - E-MINI S&P (U1): Approaching The Bull Trigger

EQUITY TECHS
  • RES 4: 4542.58 1.236 proj of Jun 21 - Jul 14 - 19 price swing
  • RES 3: 4500.00 Round number resistance
  • RES 2: 4481 75.1.00 proj of Jun 21 - Jul 14 - 19 price swing
  • RES 1: 4476.50 High Aug 16 and the bull trigger
  • PRICE: 4453.25 @ 14:26 BST Aug 23
  • SUP 1: 4347.75 Low Aug 19 and the bear trigger
  • SUP 2: 4347.46 50-day EMA
  • SUP 3: 4320.46 61.8% retracement of the Jul 19 - Aug 16 rally
  • SUP 4: 4224.00 Low Jul 19 and key support

S&P E-minis outlook is bullish and recent weakness has likely been a correction. The contract has recovered from recent lows of 4347.75, Aug 19 low. Importantly, last week's low and rebound means the 50-day EMA remains intact. This average intersects at 4347.46 and represents a key support area. A clear break of the 50-day EMA would signal a short-term reversal. Attention is on the bull trigger at 4476.50, the Aug 16 high.

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