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TECHS: S&P FUTURES: Hovering Above The 50-day EMA

EQUITIES

Recent price action in the S&P 500 FUT (Z0) has defined a key support at 3286.00, Sep 9 low.

  • The level lies just below a key area of support highlighted by the 50-day EMA. The last time the average was tested was on Jun 15 and 29. The subsequent recovery resulted in a resumption of the uptrend.
  • The average still suggests the bull trend remains intact.
  • A clear break of the support though would highlight an erosion of the average, confirm a resumption of recent selling pressure and expose the contract to a deeper pullback.
  • This would open 3244.67, 23.6% retracement of the Mar - Sep rally and 3209.00, the Jun 8 high.
  • Initial resistance is 3419.50, Sep 16 high where a break is required to strengthen a bullish case and refocus attention on 3576.25, Sep 3 high and major resistance.
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeEquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeEquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets

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