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

  • 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: 4715.75 High Jan 6
  • PRICE: 4637.50 @ 14:02 GMT Jan 10
  • SUP 1: 4630.27 61.8% retracement of the Dec 20 - Jan 4 rally
  • 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 have started the week on a softer note with a break below the 50-day EMA at 4647.81. A bearish theme follows last week’s reversal lower from above 4800.00. The move below the 50-day EMA strengthens the current bearish theme and a deeper pullback would signal scope for an extension towards 4565.75, the Dec 21 low and 4520.25, the Dec 20 low. The bull trigger is unchanged at 4808.25, Jan 4 high.

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