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E-MINI S&P (H2): Tests The 50-Day EMA

  • RES 4: 4808.25 All-time high on Jan 4
  • RES 3: 4739.50 High Jan 12
  • RES 2: 4671.75 High Jan 18
  • RES 1: 4576.53/4580.00 50-day EMA / Intraday high
  • PRICE: 4562.50 @ 14:15 GMT Feb 2
  • SUP 1: 4395.50 Low Jan 31
  • SUP 2: 4212.75 Low Jan 24 and the bear trigger
  • SUP 3: 4186.57 23.6% of the Mar ‘20 - Jan ‘22 major rally
  • SUP 4: 4126.75 Low Jun 21, 2021 (cont)

S&P E-minis have traded higher again today. Gains are still considered corrective. Price action in January resulted in a reversal of the moving average condition to bearish that suggests short-term gains are corrective. 4576.53, the 50-day EMA has been probed. A decisive break of this resistance would suggest scope for a stronger reversal. For bears, a resumption of weakness would refocus attention on 4121.75.

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