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E-Mini S&P 500 Could Retest Last Week's High

Published 11/04/2013, 04:00 AM
Updated 07/09/2023, 06:31 AM

S&P 500 Technicals
E-mini S&P Dec13 has resistance at 1761/63 but there is a chance of a break above here for a retest of last week's high at 1773.

We are looking for a double top here to confirm our short term negative signal. Use this as a low risk selling opportunity therefore with stops above 1779.

Below 1757 however risks a slide to 1753. A low for the day is possible here but if we continue lower look for a retest of last week's low at 1747. Any further weakness presents a buying opportunity at 1742/41 at this stage.

Weekly outlook: A collapse is not expected but we are looking for a negative pattern to build this week which will act as a sell signal. Most likely is a double top at 1773.

Weekly support at 1742/41 then 1722/21 which should hold the downside for a buying opportunity

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