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E-MINI S&P TECHS: (Z3) Approaching Resistance

  • RES 4: 4685.25 High Jul 27 and a bull trigger
  • RES 3: 4644.75 High Aug 2
  • RES 2: 4597.50 High Sep and a key resistance
  • RES 1: 4580.50 High Nov 22
  • PRICE: 4571.25 @ 14:04 GMT Nov 23
  • SUP 1: 4501.75/4441.90 Low Nov 16 / 20-day EMA
  • SUP 2: 4407.46 50-day EMA
  • SUP 3: 4354.25 Low Nov 10
  • SUP 4: 4257.75 Low Nov 3

A bullish theme in S&P e-minis remains intact and the contract is trading at this week’s highs. Recent gains have resulted in the break of a trendline drawn from the Jul 27 high. This breach reinforces bullish conditions and signals scope for a climb towards 4597.50, the Sep 1 high. Moving average studies are in a bull-mode position highlighting an uptrend. On the downside, initial firm support is seen at 4441.90, the 20-day EMA.

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