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E-MINI S&P (H2): Strength Persists Post-Holidays

EQUITY TECHS
  • RES 4: 4863.55 123.6% Fib Extension for the Dec 20 - 28 Upleg
  • RES 3: 4854.19 0.764 proj of the Oct 1 - Nov 22 - Dec 3 price swing
  • RES 2: 4800.00 Round number resistance
  • RES 1: 4798.00 High Dec 28 and the ATH
  • PRICE: 4778.50 @ 13:50 GMT Dec 29
  • SUP 1: 4595.14/4520.25 50-day EMA / Low Dec 20
  • SUP 2: 4485.75 Low Dec 3 and 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 hold the entirety of the rally triggered on Dec 20, as prices recovered off the 100-dma at 4537.57. The resulting alltime high at 4798.00 sits just below psychological resistance of 4800 - a recovery beyond which opens 4854.20 and 4863.6. Should prices turn lower, the 100-dma provides initial support ahead of the Dec20 lows of 4520.25.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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