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E-MINI S&P TECHS: (H4) Bullish Outlook

EQUITY TECHS
  • RES 4: 5171.37 3.0% Bollinger Band
  • RES 3: 5170.86 2.236 proj of Nov 10 - Dec 1 - 7 price swing
  • RES 2: 5137.13 2.0% 10-dma envelope
  • RES 1: 5123.50 High Feb 23 and bull trigger
  • PRICE: 5077.00 @ 14:41 GMT Feb 27
  • SUP 1: 5000.90 20-day EMA
  • SUP 2: 4889.03/4866.000 50-day EMA / Low Jan 31 and key support
  • SUP 3: 4702.00 Low Jan 5
  • SUP 4: 4594.00 Low Nov 30

The trend condition in S&P E-Minis remains bullish following last week’s gains and pullbacks are considered corrective. The move higher continues to highlight the fact that corrections remain shallow - a bullish signal. Support to watch is 5000.90, the 20-day EMA. A clear break of this EMA would signal potential for a deeper retracement towards the 4866.00 key support, Jan 31 low. A resumption of gains would open vol-band based resistance at 5137.13.

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