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E-MINI S&P TECHS: (H4) Corrective Pullback

EQUITY TECHS
  • RES 4: 4738.50 High Jul 27 and a key resistance
  • RES 3: 4700.00 Round number resistance
  • RES 2: 4690.75 High Aug 2
  • RES 1: 4657.75 High Dec 4
  • PRICE: 4559.50 @ 14:28 GMT Dec 5
  • SUP 1: 4596.86 20-day EMA
  • SUP 2: 4442.65 50-day EMA
  • SUP 3: 4402.00 Low Nov 10
  • SUP 4: 4373.75 Low Nov 3

A bullish theme in S&P e-minis remains intact and last Friday’s push higher is a positive development. The contract is trading closer to its recent highs and so far, corrections have been shallow. Note too that moving average studies are in a bull-mode position and this highlights positive market sentiment. A resumption of gains would signal scope for a climb towards 4690.75, the Aug 2 high. Initial support lies at 4596.86, the 20-day EMA.

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