TECHS: S&P fut. ***(ESU0) technical........>

EQUITIES: TECHS: S&P fut. ***(ESU0) technical signals are bearish below 3177.75.

- We highlighted Tuesday the importance of this resistance, the Jun 11 high.

- On this day a strong sell-off led to a wide daily range and also a large body

with the open near session highs and the close near the session low. A body is

the area between the open and close.

- The pattern highlights a bearish theme and importantly a resistance area that

will determine whether a bearish outlook prevails near-term.

- Typically the midpoint of the body is used as a reference in relation to

resistance. The midpoint is at 3086.25 and has been breached.

- The key resistance however is the Jun 11 high of 3177.75. As long as this

level holds, recent gains are likely a correction ahead of renewed weakness that

threatens a break of the Jun 15 low of 2923.75.

- Clearance of 3177.75 would undermine these bearish developments and instead

expose the trend high of 3220.50, the Jun 8 high.

- See chart: https://emedia.marketnews.com/marketnewsintl/SP2.PNG