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E-MINI S&P (H2): 20-Day EMA Resistance Remains Intact

EQUITY TECHS
  • RES 4: 4671.75 High Jan 18
  • RES 3: 4586.00 High Feb 2 and a key resistance
  • RES 2: 4482.35 50-day EMA
  • RES 1: 4398.31 20-day EMA
  • PRICE: 4327.75 @ 14:32 GMT Mar 2
  • SUP 1: 4101.75 Low Feb 24 and the bear trigger
  • SUP 2: 4055.60 Low May 19 2021 (cont)
  • SUP 3: 4029.25 Low May 13 2021 (cont)
  • SUP 4: 3990.50 0.764 proj of the Jan 4 - 24 - Feb 2 price swing

E-Mini S&P futures found resistance yesterday ahead of the 20-day EMA that today intersects at 4398.31. This average represents an important intraday resistance. Recent gains are likely part of a corrective cycle that is allowing a recent oversold condition to unwind. A deeper sell-off would signal a resumption of the downtrend and refocus attention on 4101.75, the Feb 24 low and bear trigger. A breach of the 20-day EMA would expose 4482.35.

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