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E-MINI S&P (H2): Short-Term Conditions Remain Bullish

EQUITY TECHS
  • RES 4: 4800.00 Round number resistance
  • RES 1: 4783.78 0.618 proj of the Oct 1 - Nov 22 - Dec 3 price swing
  • RES 2: 4735.00 High Nov 22 and the bull trigger
  • RES 1: 4711.50 High Nov 26
  • PRICE: 4692.00 @ 14:23 GMT Dec 10
  • SUP 1: 4572.04 50-day EMA
  • SUP 2: 4485.75 Low Dec 3 and the bear trigger
  • SUP 3: 4493.88 61.8% retracement of the Oct 1 - Nov 22 rally
  • SUP 4: 4436.97 76.4% retracement of the Oct 1 - Nov 22 rally

S&P E-minis rallied sharply higher Tuesday and the contract is holding onto recent gains. Futures are once again above the 50-day EMA, at 4572.04 today. This average is a pivot level and the strong recovery through it has improved conditions for bulls. The focus is on 4711.50 next, the Nov 26 high ahead of the all-time high of 4735.00. Key support and the bear trigger is at 4492.00, the Dec 3 low.

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