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E-MINI S&P (H3): Trading Closer To Its Recent Lows

EQUITY TECHS
  • RES 4: 4250.00 High Aug 26
  • RES 3: 4194.25 High Sep 13 and a key resistance
  • RES 2: 4164.94 76.4% retracement of the Aug 16 - Oct 13 downleg
  • RES 1: 4142.50 High Dec 1 and the bull trigger
  • PRICE: 4023.75 @ 06:52 GMT Dec 13
  • SUP 1: 3953.99 50-day EMA
  • SUP 2: 3782.750 Low Nov 9
  • SUP 3: 3735.00 Low Nov 3
  • SUP 4: 3670.00 Low Oct 21

S&P E-Minis traded higher Monday but for now price remains closer to its recent lows. The recent move down is considered corrective. The uptrend that started on Oct 13 remains intact, however, attention is on support at the 50-day EMA, which intersects at 3953.99. A clear break of this EMA would threaten bullish conditions and suggest potential for a deeper reversal. The bull trigger, to resume recent bullish activity, is at 4142.50.

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