S&P 500 Index E-mini Futures

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S&P 500 Index E-mini Futures (4301) | As highlighted in yesterday’s note, the price was in a weak but near overbought range with the index trading into and re-testing the prior breakout zone (declining trend line). This back-test level held with the daily candle developing a long lower tail with moderate follow-through seen in this morning. Note, the index remains below it’s declining near term moving averages (8, 21, 50) which may act as resistance zones on any rebound. Daily Chart