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E-MINI S&P (H2): Has Recovered From Recent Lows

EQUITY TECHS
  • RES 4: 4808.25 All-time high on Jan 4
  • RES 3: 4739.50 High Jan 12
  • RES 2: 4671.75 High Jan 18
  • RES 1: 4563.47/4586.00 50-day EMA / High Feb 2
  • PRICE: 4554.25 @ 14:16 GMT Feb 9
  • SUP 1: 4438.50/4395.50 Low Feb 4 / 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 have recovered from recent lows. Attention remains on the 50-day EMA that intersects at 4563.47 today. It represents a key resistance. For bulls, a clear break of the EMA is required to suggest scope for a stronger rally that would open 4671.75 initially, Jan 18 high. A stronger bearish reversal would instead refocus attention on the 4212.75 low from Jan 24. This remains the key short-term bear trigger.

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