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E-MINI S&P (H2): Trades Through Near-Term Supports

EQUITY TECHS
  • RES 4: 4854.19 0.764 proj of the Oct 1 - Nov 22 - Dec 3 price swing
  • RES 1: 4800.00 Round number resistance
  • RES 2: 4783.78 0.618 proj of the Oct 1 - Nov 22 - Dec 3 price swing
  • RES 1: 4735.00 High Nov 22 and the bull trigger
  • PRICE: 4624.00 @ 14:30 GMT Dec 14
  • SUP 1: 4580.42 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 started the week on a firmer note but have failed to hold onto yesterday’s early gains. Today’s pullback has resulted in a move below the 20-day EMA at 4633.39 and bring back into view the 50-day EMA, at 4580.42. This average is a pivot level and the recent strong recovery through it has improved conditions for bulls. A clear break though would be bearish. The key resistance and bull trigger is at 4735.00, the Nov 22 all-time high.

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