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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: 4507.25 @ 14:17 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 gains are considered corrective. Price action in January resulted in a reversal of the moving average condition to bearish. This suggests that short-term gains are corrective. Two important resistance levels to watch are; 4521.05, the 20-day EMA and 4578.22, the 50-day EMA. A decisive break of this resistance zone is required to suggest scope for a stronger reversal. A resumption of weakness would refocus attention on 4121.75, Jan 24 low.

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