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E-MINI S&P TECHS: (H4) Trend Direction Remains Up

  • 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: 4830.75 High Dec 20
  • PRICE: 4806.25 @ 14:22 GMT Dec 22
  • SUP 1: 4743.25 Low Dec 20
  • SUP 2: 4692.70 20-day EMA
  • SUP 3: 4594.00 Low Nov 30
  • SUP 4: 4591.56 50-day EMA

A bullish theme in S&P e-minis remains intact and Wednesday’s abrupt sell-off appears to be a correction. This week’s fresh trend highs, confirm once again a resumption of the uptrend that started Oct 27. The contract has 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 4692.70, the 20-day EMA.

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