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E-MINI S&P (H2): Needle Points South

EQUITY TECHS
  • RES 4: 4808.25 High Jan 4 and the bull trigger
  • RES 3: 4739.50/52.67 High Jan 12 / 76.4% of the Jan 4 - 10 sell-off
  • RES 2: 4594.25/671.75 High Jan 20 / High Jan 18
  • RES 1: 4487.00 High Jan 21
  • PRICE: 4481.25 @ 06:53 GMT Jan 24
  • SUP 1: 4383.85/81.25 76.4% of t Oct 2021 - Jan rally / Low Jan 21
  • SUP 2: 4311.00 Low Oct 12
  • SUP 3: 4252.75 Low Oct 1 and a key support
  • SUP 4: 4215.00 Low Jul 19, 2021

S&P E-minis remain vulnerable following last week’s sharp sell-off. The move lower through the 50-day EMA has accelerated and key support at 4485.75 has been cleared, Dec 3 low. The break of 4485.75 significantly strengthens the current bearish threat and signals potential for an extension lower towards 4383.85, a Fibonacci retracement that was briefly probed Friday. A break would open 4311.00, Oct 12 low. Initial resistance is at 4487.00.

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