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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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E-MINI S&P (H2): Remains Vulnerable

  • RES 4: 4854.19 0.764 proj of the Oct 1 - Nov 22 - Dec 3 price swing
  • RES 3: 4808.25 High Jan 4 and the bull trigger
  • RES 2: 4739.50/52.67 High Jan 12 / 76.4% of the Jan 4 - 10 sell-off
  • RES 1: 4594.25/671.75 High Jan 20 / High Jan 18
  • PRICE: 4455.75 @ 14:40 GMT Jan 21
  • SUP 1: 4429.50 Intraday low
  • SUP 2: 4383.85 76.4% retracement of the Oct 2021 - Jan rally
  • SUP 3: 4311.00 Low Oct 12
  • SUP 4: 4252.75 Low Oct 1 and a key support

S&P E-minis remain vulnerable. The move lower below this week below the 50-day EMA has accelerated and key support at 4485.75 has been cleared, the Dec 3 low. The break of 4485.75 significantly strengthens the current bearish case and signals potential for an extension lower towards 4383.85, a Fibonacci retracement. Initial resistance is seen at Thursday’s 4594.25 high. Short-term gains would be considered corrective.

MNI London Bureau | +44 203-586-3805 |

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