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E-MINI S&P TECHS: (H4) Holding On To Recent Gains

EQUITY TECHS
  • RES 4: 4915.11 1.236 proj of Nov 10 - Dec 1 - 7 price swing
  • RES 3: 4900.00 Round number resistance
  • RES 2: 4854.75 1.00 proj of Nov 10 - Dec 1 - 7 price swing
  • RES 1: 4841.50 High Dec 28
  • PRICE: 4829.75 @ 14:07 GMT Dec 29
  • SUP 1: 4743.25 Low Dec 20
  • SUP 2: 4736.37 20-day EMA
  • SUP 3: 4626.05 50-day EMA
  • SUP 4: 4594.00 Low Nov 30

A bullish theme in S&P e-minis remains intact and this week’s fresh trend highs reinforce current conditions. The move higher confirms once again a resumption of the uptrend that started Oct 27. The contract has also recently cleared resistance at 4738.50, the Jul 27 high, reinforcing current positive trend conditions. Sights are on 4854.75 next, a Fibonacci projection. On the downside, initial firm support lies at 4736.37, the 20-day EMA.

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