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Japanese Markets Closed On Tuesday


Softer As Risk Improves

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

  • RES 4: 4361.00 High Aug 16 and a key M/T resistance
  • RES 3: 4250.00 High Aug 26
  • RES 2: 4194.25 High Sep 13 and a key resistance
  • RES 1: 4043.00/4180.00 High Dec 15 / 13 and the bull trigger
  • PRICE: 3931.25 @ 06:54 GMT Dec 16
  • SUP 1: 3908.00 Low Dec 15
  • SUP 2: 3855.13 50.0% retracement of the Oct 13 - Dec 13 uptrend
  • SUP 3: 3800.00 Round number support
  • SUP 4: 3778.45 61.8% retracement of the Oct 13 - Dec 13 uptrend

A rally in the S&P E-Minis Tuesday saw price trade above 4142.50, Dec 1 high. However, a strong reversal, resulted in a sharp move lower and price remains below Tuesday high. Thursday’s sell-off has reinforced a bearish threat and note that this also highlights the importance of a shooting star candle formation on Tuesday - a reversal signal. A continuation lower would open 3855.13, a Fibonacci retracement. Key resistance is 4180.00.

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