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E-MINI S&P (H2): Monitoring The 50-Day EMA

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: 4576.56/4586.00 50-day EMA / High Feb 2
  • PRICE: 4517.50 @ 14:45 GMT Feb 3
  • SUP 1: 4395.50 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 traded higher yesterday and the contract probed key resistance at the 50-day EMA, which intersects at 4576.56 today. A clear breach of this average is required to improve bullish conditions and signal the potential for a strong bullish recovery towards 4671.75 next, the Jan 18 high. For now, recent gains are still considered corrective. A resumption of weakness would refocus attention on 4121.75, the Jan 24 low.

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