February 29, 2024 14:38 GMT
E-MINI S&P TECHS: (H4) Trend Needle Points North
EQUITY TECHS
- RES 4: 5191.21 3.0% Bollinger Band
- RES 3: 5170.86 2.236 proj of Nov 10 - Dec 1 - 7 price swing
- RES 2: 5153.29 2.0% 10-dma envelope
- RES 1: 5123.50 High Feb 23 and bull trigger
- PRICE: 5096.25 @ 14:26 GMT Feb 29
- SUP 1: 5016.21 20-day EMA
- SUP 2: 4936.50 Low Feb 13
- SUP 3: 4904.10/4866.000 50-day EMA / Low Jan 31 and key support
- SUP 4: 4808.50 Low Jan 19
The trend condition in S&P E-Minis remains bullish and the contract continues to trade closer to its recent highs. The latest move higher again highlights the fact that corrections remain shallow - a bullish signal. Support to watch is 5016.21, the 20-day EMA. A clear break of this average would signal potential for a deeper retracement towards 4936.50, the Feb 13 low. A resumption of gains would open vol-band based resistance at 5153.29.
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