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E-MINI S&P (H2): Support Remains Intact

EQUITY TECHS
  • RES 4: 4900.00 Round number resistance
  • RES 3: 4854.19 0.764 proj of the Oct 1 - Nov 22 - Dec 3 price swing
  • RES 2: 4808.25 High Jan 4 and the bull trigger
  • RES 1: 4739.50/52.67 High Jan 12 / 76.4% of the Jan 4 - 10 sell-off
  • PRICE: 4649.50 @ 06:58 GMT Jan 17
  • SUP 1: 4572.75 Low Jan 10 and key short-term support
  • SUP 2: 4565.75 Low Dec 21
  • SUP 3: 4520.25 Low Dec 20 and a key support
  • SUP 4: 4485.75 Low Dec 3

S&P E-minis traded sharply lower on Jan 10 before rebounding. The contract managed to find support below the 50-day EMA and has defined a key short-term support at 4572.75, Jan 10 low. Price needs to remain above this level to avoid a deeper reversal that would expose 4520.25, the Dec 20 low. On the upside, clearance of the 4739.50/52.57 zone would refocus attention on the key resistance and bull trigger at 4808.25.

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