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E-MINI S&P (H2): Fails To Hold Onto The Fresh ATH

EQUITY TECHS
  • RES 4: 4854.19 0.764 proj of the Oct 1 - Nov 22 - Dec 3 price swing
  • RES 1: 4800.00 Round number resistance
  • RES 2: 4783.78 0.618 proj of the Oct 1 - Nov 22 - Dec 3 price swing
  • RES 1: 4743.25 High Dec 16
  • PRICE: 4650.00 @ 06:52 GMT Dec 17
  • SUP 1: 4589.76 50-day EMA
  • SUP 2: 4485.75 Low Dec 3 and the bear trigger
  • SUP 3: 4493.88 61.8% retracement of the Oct 1 - Nov 22 rally
  • SUP 4: 4436.97 76.4% retracement of the Oct 1 - Nov 22 rally

S&P E-minis rallied yesterday, resulting in a print above the all-time high of 4735.00 from Nov 22. The break to fresh all-time highs confirms a resumption of the underlying uptrend and paves the way for a climb towards 4800.00 next. However, the contract failed to hold onto the day’s high and attention turns to support at 4589.76, the 50-day EMA. A break would strengthen a bearish threat. Clearance of 4743.25, yesterday's high resumes the uptrend.

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