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E-MINI S&P TECHS: (H4) Trading Closer To Its Recent Highs

EQUITY TECHS
  • RES 4: 4899.09 1.382 proj of Nov 10 - Dec 1 - 7 price swing (cont)
  • RES 3: 4862.08 1.236 proj of Nov 10 - Dec 1 - 7 price swing (cont)
  • RES 2: 4808.25 High Jan 4 2022 and major resistance
  • RES 1: 4800.00 Round number resistance
  • PRICE: 4779.00 @ 07:13 GMT Dec 18
  • SUP 1: 4696.75 Low Dec 13
  • SUP 2: 4632.25 20-day EMA
  • SUP 3: 4594.00 Low Nov 30
  • SUP 4: 4548.59 50-day EMA

A bullish theme in S&P e-minis remains intact and the contract is trading closer to its recent highs. The rally last week confirmed a resumption of the uptrend that started Oct 27. Note too that the contract has cleared resistance at 4738.50, the Jul 27 high, reinforcing current positive trend conditions. This signals scope for a climb towards 4800.00 next. On the downside, initial firm support lies at 4645.17, the 20-day EMA.

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