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E-MINI S&P (H2): Finds Support Below The 50-Day EMA

EQUITY TECHS
  • RES 4: 4900.00 Round number resistance
  • RES 3: 4854.19 0.764 proj of the Oct 1 - Nov 22 - Dec 3 price swing
  • RES 2: 4808.25 High Jan 4 and the bull trigger
  • RES 1: 4715.75 High Jan 6
  • PRICE: 4658.00 @ 07:03 GMT Jan 11
  • SUP 1: 4572.75 Low Jan 10
  • SUP 2: 4565.75 Low Dec 21
  • SUP 3: 4520.25 Low Dec 20 and a key support
  • SUP 4: 4485.75 Low Dec 3

S&P E-minis traded sharply lower yesterday before rebounding and retracing almost all of yesterday’s sell-off. The break below the 50-day EMA is a bearish development however, the fact that support has been found below this average is also a bullish development. Bulls will be watching support on 4572, 75, yesterday’s low and initial resistance at 4715.75, Jan 6 high. Weakness below yesterday’s low would again expose a bearish threat.

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