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E-MINI S&P (H2): Hammer Formation Still In Play

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: 4752.67 76.4% retracement of the Jan 4 - 10 sell-off
  • PRICE: 4663.25 @ 07:03 GMT Jan 14
  • SUP 1: 4572.75 Low Jan 10 and key short-term support
  • 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 Monday before rebounding. The break below the 50-day EMA earlier this week marked a bearish development. However, support surfaced below this EMA and the strong recovery highlights a potential bullish reversal. Note that Monday’s candle pattern was a hammer - a bullish signal. Watch support at 4572,75, Monday’s low, a break would reinstate a bearish theme. Major resistance and the bull trigger is at 4808.25.

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