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EQUITY TECHS: E-MINI S&P: (H5) Bear Threat Still Present

EQUITY TECHS
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  • RES 4: 6178.75 High Dec 6 and key resistance   
  • RES 3: 6163.75 High Dec 16  
  • RES 2: 6068.25/6107.50 High Jan 6 / High Dec 26 
  • RES 1: 5991.72 50-day EMA and a pivot resistance          
  • PRICE: 5902.50 @ 14:29 GMT Jan 14 
  • SUP 1: 5809.00 Low Jan 13        
  • SUP 2: 5784.00 Low Nov 4 
  • SUP 3: 5698.25 50.0% retracement of the Aug 5 - Dec 6 bull leg
  • SUP 4: 5658.00 Low Sep 12 ‘24

A bear threat in the S&P E-Minis contract remains present and short-term gains are considered corrective - for now. The reversal from the Dec 26 high, confirms the end of the Dec 20 - 26 correction. 5866.00, the Dec 20 low and a key short-term support, has been cleared. This strengthens a bearish theme and sights are on 5784.00, the Nov 4 low and an important short-term support. Initial pivot resistance is seen at 5991.72, the 50-day EMA. 

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  • RES 4: 6178.75 High Dec 6 and key resistance   
  • RES 3: 6163.75 High Dec 16  
  • RES 2: 6068.25/6107.50 High Jan 6 / High Dec 26 
  • RES 1: 5991.72 50-day EMA and a pivot resistance          
  • PRICE: 5902.50 @ 14:29 GMT Jan 14 
  • SUP 1: 5809.00 Low Jan 13        
  • SUP 2: 5784.00 Low Nov 4 
  • SUP 3: 5698.25 50.0% retracement of the Aug 5 - Dec 6 bull leg
  • SUP 4: 5658.00 Low Sep 12 ‘24

A bear threat in the S&P E-Minis contract remains present and short-term gains are considered corrective - for now. The reversal from the Dec 26 high, confirms the end of the Dec 20 - 26 correction. 5866.00, the Dec 20 low and a key short-term support, has been cleared. This strengthens a bearish theme and sights are on 5784.00, the Nov 4 low and an important short-term support. Initial pivot resistance is seen at 5991.72, the 50-day EMA.