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E-MINI S&P (H2): Holding Above Support

EQUITY TECHS
  • RES 4: 4671.75 High Jan 18
  • RES 3: 4586.00 High Feb 2 and a key resistance
  • RES 2: 4494.61 50-day EMA
  • RES 1: 4412.50 20-day EMA
  • PRICE: 4325.75 @ 15:39 GMT Feb 28
  • SUP 1: 4101.75 Low Feb 24 and the bear trigger
  • SUP 2: 4055.60 Low May 19 2021 (cont)
  • SUP 3: 4029.25 Low May 13 2021 (cont)
  • SUP 4: 3990.50 0.764 proj of the Jan 4 - 24 - Feb 2 price swing

E-Mini S&P technical conditions are bearish however price remains above last Thursday’s 4101.75 low. Short-term momentum studies highlight bullish divergence between price and this still suggests scope for corrective cycle higher. Note that last Thursday was a hammer candle formation - a reversal signal. The next resistance to watch is 4412.50, the 20-day EMA. Thursday’s low of 4101.75 is the bear trigger.

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