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E-MINI S&P (M2): Outlook Appears Positive Near-Term

EQUITY TECHS
  • RES 4: 4730.50 High Jan 1
  • RES 3: 4663.50 High Jan 18
  • RES 2: 4578.50 High Feb 9 and a key resistance
  • RES 1: 4514.75 High Mar 22
  • PRICE: 4468.00 @ 13:43 GMT Mar 24
  • SUP 1: 4361.23 20-day EMA
  • SUP 2: 4129.50/4094.25 Low Mar 15 / Low Feb 24 and a bear trigger
  • SUP 3: 4055.60 Low May 19 2021 (cont)
  • SUP 4: 4029.25 Low May 13 2021 (cont)

The primary trend in the S&P E-Minis remains bearish, however, the contract has continued to deliver fresh highs recently and maintains a bullish tone following last week’s gains. The contract has cleared both the 20- and 50-day EMAs. The breach of the latter average is an important short-term bullish development and an extension would open 4578.50, the Feb 9 high. Initial support is at 4361.23, the 20-day EMA.

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