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E-MINI S&P (H2): Holding Above Monday’s Low

EQUITY TECHS
  • RES 4: 4739.50 High Jan 12
  • RES 3: 4471.75 High Jan 18
  • RES 2: 4609.15 50-day EMA
  • RES 1: 4485.75 Low Dec 3
  • PRICE: 4359.75 @ 06:44 GMT Jan 26
  • SUP 1: 4212.75 Low Jan 24
  • SUP 2: 4215.00 Low Jul 19, 2021
  • 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 sold off sharply Monday but recovered from the day low, during a volatile trading session. The contract remains bearish however and further downside pressure is seen likely near-term. Monday’s breach of 4383.85, 76.4% of Oct 2021 - Jan rally and 4252.75, Oct 1 low strengthens the current bearish threat. This opens 4215.00 next, the Jul 19, 2021 low. Initial resistance is seen at 4485.75, the Dec 3 low.

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