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

EQUITY TECHS
  • RES 4: 4671.75 High Jan 18
  • RES 3: 4586.00 High Feb 2 and a key resistance
  • RES 2: 4457.46 50-day EMA
  • RES 1: 4418.75 High Mar 3
  • PRICE: 4206.00 @ 14:21 GMT Mar 8
  • SUP 1: 4101.75 Low Feb 24 and a bear trigger
  • SUP 2: 4055.60 Low May 19 2021 (cont)
  • SUP 3: 4029.25 Low May 13 2021 (cont)
  • SUP 4: 3990.50 0.764 proj of the Jan 4 - 24 - Feb 2 price swing

E-Mini S&P futures remain vulnerable. The contract traded above the 20-day EMA at 4368.94 last Thursday. The failure to hold above this EMA however is a bearish development. Broader trend signals are bearish and the deeper pullback has opened the 4101.75 key support handle and bear trigger. Clearance of the 20-day EMA is required to suggest scope for further short-term gains and a test of the 50-day EMA at 4457.46.

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