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E-MINI S&P TECHS: (H4) Bulls Remain In The Driver’s Seat

EQUITY TECHS
  • RES 4: 5183.75 3.0% Bollinger Band
  • RES 3: 5170.86 2.236 proj of Nov 10 - Dec 1 - 7 price swing
  • RES 2: 5142.10 2.0% 10-dma envelope
  • RES 1: 5123.50 High Feb 23 and bull trigger
  • PRICE: 5085.75 @ 06:41 GMT Feb 28
  • SUP 1: 5009.39 20-day EMA
  • SUP 2: 4936.50 Low Feb 13
  • SUP 3: 4896.88/4866.000 50-day EMA / Low Jan 31 and key support
  • SUP 4: 4808.50 Low Jan 19

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 5009.39, the 20-day EMA. A clear break of this EMA would signal potential for a deeper retracement towards the 4936.50 support, the Feb 13 low. A resumption of gains would open vol-band based resistance at 5142.10.

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