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E-MINI S&P (H2): Choppy Price Action

EQUITY TECHS
  • RES 4: 4739.50 High Jan 12
  • RES 3: 4671.75 High Jan 18
  • RES 2: 4587.64 50-day EMA
  • RES 1: 4446.25/4485.75 High Jan 26 / Low Dec 3
  • PRICE: 4325.25 @ 14:25 GMT Jan 28
  • SUP 1: 4212.75 Low Jan 24 and the bear trigger
  • SUP 2: 4200.00 Round number support
  • SUP 3: 4186.57 23.6% of the Mar ‘20 - Jan ‘22 major rally
  • SUP 4: 4126.75 Low Jun 21, 2021 (cont)

S&P E-minis continues to trade in a volatile manner and is holding above Monday’s low of 4212.75. This week’s price action is allowing the recent oversold reading to unwind. Initial resistance to watch is Wednesday’s high of 4446.25, Jan 26 high. The trigger for a resumption of bearish activity is 4212.75 low. Price action is likely to remain choppy near-term, however from a trend perspective, the direction remains down.

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