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S&P E-Minis: The 50-Day EMA And Trend Direction

  • S&P E-Minis have this week breached the 50-day EMA - a key trend support parameter.
  • Monday's price action also resulted in a break of support at 4339.75, Aug 19 low, threatening the current bullish price sequence of higher highs and higher lows that defines an uptrend.
  • Note too that momentum studies are in a clear downward cycle.
  • The 50-day EMA, currently at 4407.72 marks a key short-term resistance and while price remains below it, a bearish risk remains present.
  • A clear break back above it is required to instead signal the end of the correction.
  • The 20-day and 50-day EMA set-up remains in a bull mode condition. This tells us that the primary uptrend remains intact. Watch support at 4293.75 and resistance at the 4407.72 EMA level.

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