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

EQUITY TECHS
  • RES 4: 5193.61 3.0% Bollinger Band
  • RES 3: 5172.19 2.0% 10-dma envelope
  • RES 2: 5170.86 2.236 proj of Nov 10 - Dec 1 - 7 price swing
  • RES 1: 5157.75 High Mar 1
  • PRICE: 5125.25 @ 07:16 GMT Mar 5
  • SUP 1: 5045.84 20-day EMA
  • SUP 2: 4936.50 Low Feb 13
  • SUP 3: 4929.61/4866.00 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 and the contract traded higher Monday. Price action continues to highlight the fact that corrections remain shallow - this is a bullish signal. Support to watch is 5045.84, the 20-day EMA. A clear break of this average would signal potential for a deeper retracement towards 4936.50, the Feb 13 low. For bulls, sights are on 5170.86, a Fibonacci projection.

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