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E-MINI S&P TECHS: (H4) Northbound

EQUITY TECHS
  • RES 4: 5170.86 2.236 proj of Nov 10 - Dec 1 - 7 price swing
  • RES 3: 5163.51 3.0% Bollinger Band
  • RES 2: 5133.43 2.0% 10-dma envelope
  • RES 1: 5123.50 High Feb 23 and bull trigger
  • PRICE: 5094.00 @ 08:10 GMT Feb 24
  • SUP 1: 4992.55 20-day EMA
  • SUP 2: 4881.14/4866.000 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, with the upside trigger at 5066.50 giving way to new highs at 5123.50 last week. This erases the initial pullback off last week and continues to highlight the fact that corrections remain shallow - a bullish signal. Support to watch is 4992.55, 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 5133.43.

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