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E-MINI S&P (H2): Bear Trend Extends, Delivering A Fresh Cycle Low

EQUITY TECHS
  • RES 4: 4586.00 High Feb 2
  • RES 3: 4508.04 50-day EMA
  • RES 2: 4429.81 20-day EMA
  • RES 1: 4224.50 Intraday high
  • PRICE: 4153.25 @ 14:51 GMT Feb 24
  • SUP 1: 4100.00 Round number support
  • 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 technical conditions remain bearish and a strong impulsive sell-off has resumed once again today. The move lower has resulted in a break of support at 4212.75, the Jan 24 low resulting in fresh lows for the year and a resumption of the current bearish cycle. The focus is on the 4100.00 handle and 3990.50, a Fibonacci projection. Initial resistance is seen at 4224.50, today’s intraday high.

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