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E-MINI S&P (M2): 50-Day EMA Providing Support For Now

EQUITY TECHS
  • RES 4: 4730.50 High Jan 1
  • RES 3: 4663.50 High Jan 18
  • RES 2: 4633.44 76.4% retracement of the Jan 4 - Feb 24 downleg
  • RES 1: 4588.75 High Apr 5
  • PRICE: 4490.75 @ 14:24 BST Apr 9
  • SUP 1: 4455.32/4444.50 50-day EMA / Low Apr 6/7
  • SUP 2: 4425.96 38.2% retracement of the Feb 24 - Mar 29 rally
  • SUP 3: 4400.00 Round number support
  • SUP 4: 4362.63 50.0% retracement of the Feb 24 - Mar 29 rally

S&P E-Minis are trading closer to this week’s lows. The contract has tested its key support area at the 50-day EMA, which intersects at 4455.32 today. This EMA marks a key pivot level and has so far provided support. A clear break would strengthen a bearish case and allow for a deeper pullback towards 4425.96 initially, a Fibonacci retracement. For bulls, a recovery and an ability to remain above the 50-day EMA would be a bullish development.

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