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TECHS: S&P Fut (Z0) Clears Key Support

EQUITIES

S&P Fut (Z0) has traded through 3286.00, Sep 9 low. Further weakness is likely.

  • Price has also cleared the 50-day EMA.
  • The last time the average was tested was Jun 15 and 29. The subsequent recovery back then resulted in a resumption of the uptrend.
  • The move through the average today and a continued erosion of it, would strengthen the current developing bearish theme and expose the contract to a deeper pullback.
  • This has opened 3244.67, 23.6% retracement of the Mar - Sep rally and 3209.00, the Jun 8 high.
  • Initial resistance is today's intraday high of 3326.25.

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