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E-MINI S&P (H3): Corrective Bounce

  • RES 4: 4168.50 High Feb 16
  • RES 3: 4096.00 High Feb 17
  • RES 2: 4033.48 20-day EMA
  • RES 1: 4018.89 50-day EMA
  • PRICE: 4006.50 @ 14:24 GMT Mar 3
  • SUP 1: 3925.00/3901.75 Low Mar 2 / Low Jan 19
  • SUP 2: 3787.62 76.4% retracement of the Dec 22 - Feb 2 bull cycle
  • SUP 3: 3819.00 Low Jan 6
  • SUP 4: 3788.50 Low Dec 22 and a key support

S&P E-Minis trend conditions are bearish despite the recovery from Thursday’s session low and today’s follow through. Price remains below the 50-day EMA, at 4018.89 and sights are set on 3901.75, the Jan 19 low and 3887.62, the 76.4% retracement of the Dec 22 - Feb 2 bull cycle. Resistance to watch is at both the 50-day EMA and 4033.48, the 20-day EMA. Note that a clear break of both these EMAs would signal a possible reversal.

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