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E-MINI S&P (H2): Corrective Bounce Extends

EQUITY TECHS
  • RES 4: 4739.50 High Jan 12
  • RES 3: 4671.75 High Jan 18
  • RES 2: 4578.22 50-day EMA
  • RES 1: 4521.05 20-day EMA
  • PRICE: 4493.25 @ 06:54 GMT Feb 1
  • SUP 1: 4395.50 Low Jan 31
  • SUP 2: 4212.75 Low Jan 24 and the bear trigger
  • 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 are firmer and the current corrective cycle is still in play. Yesterday’s gains resulted in a move above 4446.25, the Jan 26 high and price is approaching the 20-day EMA at 4521.05. A break would expose the 50-day EMA at 4578.22. The 50-day average represents a key short-term resistance. A resumption of weakness would refocus attention on the key short-term supports and bear trigger at 4212.75, the Jan 24 low.

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