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E-MINI S&P TECHS: (H4) Trend Needle Points North

EQUITY TECHS
  • RES 4: 5012.80 1.618 proj of Nov 10 - Dec 1 - 7 price swing
  • RES 3: 5000.00 Psychological round number
  • RES 2: 4982.62 1.50 proj of Nov 10 - Dec 1 - 7 price swing
  • RES 1: 4963.75 High Feb 1
  • PRICE: 4954.75 @ 07:20 GMT Feb 02
  • SUP 1: 4862.80/4764.36 20- and 50-day EMA values
  • SUP 2: 4702.00 Low Jan 5
  • SUP 3: 4594.00 Low Nov 30
  • SUP 4: 4550.75 Low Nov 16

A broader uptrend in S&P E-Minis remains intact and the latest pullback has proved to be a correction. This week’s fresh cycle highs, reinforce current trend conditions. Note too that moving average studies remain in a bull-mode condition, highlighting positive market sentiment. A resumption of gains would open 4982.62 next, a Fibonacci projection. Initial support to watch lies at 4862.80, the 20-day EMA. Key support is 4764.36, the 50-day EMA.

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