TECHS: S&P Fut. (ESU0): Approaches.........>

EQUITIES: TECHS: S&P Fut. (ESU0): Approaches Initial Key Resistance:

- Recently we highlighted the importance of 3177.75 resistance, Jun 11 high.

- This marks the top of a bearish candle that reflects on Jun 11, a sharp

sell-off and a close just above the day low - the pattern is known as a

'Standard Line' and is a continuation pattern. In this instance the pattern is a

bearish signal.

- The pattern is valid as long as 3177.75 remains intact and continues to

highlight a possible bearish threat despite the past week's appreciation.

- A rejection ahead of 3177.75 would again suggest scope for a return lower to

sub 3000.00 levels.

- For bulls, a break of 3177.75 would negate the pattern and instead set the

scene for a test of the 3220.50 high on Jun 8.

- Clearance of this latter resistance would confirm a resumption of the current

uptrend and open the year's high of 3396.50, from Feb 20.

- See chart: https://emedia.marketnews.com/marketnewsintl/ESU.jpg