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E-MINI S&P (H2): Markets Stall Ahead of 4800

EQUITY TECHS
  • RES 4: 4863.55 123.6% Fib Extension for the Dec 20 - 28 Upleg
  • RES 3: 4854.19 0.764 proj of the Oct 1 - Nov 22 - Dec 3 price swing
  • RES 2: 4800.00 Round number resistance
  • RES 1: 4799.75 High Dec 30 and ATH
  • PRICE: 4765.75 @ 10:57 GMT Dec 31
  • SUP 1: 4595.14/4520.25 50-day EMA / Low Dec 20
  • SUP 2: 4485.75 Low Dec 3 and bear trigger
  • SUP 3: 4493.88 61.8% retracement of the Oct 1 - Nov 22 rally
  • SUP 4: 4436.97 76.4% retracement of the Oct 1 - Nov 22 rally

S&P E-minis printed a fresh alltime high Thursday, with prices rallying to touch 4799.75. Price action stalled from there, highlighting the importance of 4800 as psychological resistance at these levels. Strength through here opens 4854.20 and 4863.6. Should prices turn lower, the 100-dma provides initial support ahead of the Dec20 lows of 4520.25.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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