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E-MINI S&P (H2): Oversold Condition Unwinds

EQUITY TECHS
  • RES 4: 4739.50 High Jan 12
  • RES 3: 4471.75 High Jan 18
  • RES 2: 4609.15 50-day EMA
  • RES 1: 4485.75 Low Dec 3
  • PRICE: 4407.75 @ 14:15 GMT Jan 26
  • SUP 1: 4212.75 Low Jan 24
  • SUP 2: 4215.00 Low Jul 19, 2021
  • 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 sold off sharply Monday but recovered strongly from the day low. The contract is firmer today ahead of the FOMC and back above 4400.00. This is allowing a recent oversold condition to unwind. From a trend perspective though, the outlook remains bearish and the resistance to watch is 4485.75, Dec 3 low and a recent breakout level. The bear trigger is Monday’s low of 4212.75.

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