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E-MINI S&P (H3): Bearish Extension

EQUITY TECHS
  • RES 4: 4250.00 High Aug 26
  • RES 3: 4194.25 High Sep 13 and a key resistance
  • RES 2: 4043.00/4180.00 High Dec 15 / 13 and the bull trigger
  • RES 1: 3899.00/3952.05 High Dec 19 / 50-day EMA
  • PRICE: 3833.50 @ 14:23 GMT Dec 20
  • SUP 1: 3778.45 61.8% retracement of the Oct 13 - Dec 13 uptrend
  • SUP 2: 3735.00 Low Nov 3
  • SUP 3: 3670.00 76.4% retracement of the Oct 13 - Dec 13 uptrend
  • SUP 4: 3735.00 Low Oct 21

S&P E-Minis remain soft and a clear risk-off mood is driving prices lower. The bearish activity this week has reinforced recent reversal signals - a shooting star candle on Dec 13 followed by a break on Dec 15, of support at 3945.75, the Dec 7 low. The focus is on 3778.45, a Fibonacci projection. On the upside, initial firm resistance is seen at 3952.05, the 50-day EMA. A break of this EMA is required to ease bearish pressure.

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