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E-MINI S&P (H2): Key Support Remains Exposed

EQUITY TECHS
  • RES 4: 4739.50 High Jan 12
  • RES 3: 4671.75 High Jan 18
  • RES 2: 4586.00 High Feb 2 and a near-term bull trigger
  • RES 1: 4484.50 High Feb 16
  • PRICE: 4368.00 @ 05:33 GMT Feb 21
  • SUP 1: 4312.75 Intraday low
  • SUP 2: 4263.25 Low Jan 27
  • SUP 3: 4212.75 Low Jan 24 and the bear trigger
  • SUP 4: 4186.57 23.6% of the Mar ‘20 - Jan ‘22 major rally

E-Mini S&P technical conditions remain bearish. The moving average set-up and the contracts recent inability to remain above the 50-day EMA - at 4528.69 - suggest the broader path of least resistance remains down. For bulls, a clear break of the 50-day EMA is required to suggest scope for a stronger recovery. Until then, this year’s low of 4212.75 on Jan 24 remains exposed. A break would confirm a resumption of bearish activity.

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