SCHATZ TECHS: (Z6) Bearish Trend Intact

* RES 4: 105.380 High Aug 27 * RES 3: 105.265 Low Jul 20 * RES 2: 105.190 High Sep 4 and firm resistance * RES 1: 104.725/104.850 High Sep 11 / 20-day EMA * PRICE: 104.690 @ 06:33 BST Sep 23 * SUP 1: 104.400 Low Sep 14 * SUP 2: 104.395 1.500 proj of the Aug 25 - Sep 2 - 4 price swing * SUP 3: 104.332 1.618 proj of the Aug 25 - Sep 2 - 4 price swing * SUP 4: 104.255 1.764 proj of the Aug 25 - Sep 2 - 4 price swing A bear cycle in Schatz futures remains intact and a fresh cycle low last week reinforces the bear theme. The contract has recently cleared a key support to confirm a resumption of the trend. Sights are on 104.332 next, a Fibonacci projection. Note that on the continuation chart, moving average studies are in a bear mode position. This set-up highlights a dominant downtrend. Initial firm resistance is 104.850, the 20-day EMA.