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E-MINI S&P TECHS: (Z3) Bull Theme Remains In Play

EQUITY TECHS
  • RES 4: 4700.00 Round number resistance
  • RES 3: 4685.25 High Jul 27 and a bull trigger
  • RES 2: 4644.75 High Aug 2
  • RES 1: 4597.50 High Sep and a key resistance
  • PRICE: 4568.75 @ 14:22 GMT Nov 30
  • SUP 1: 4501.75/4481.71 Low Nov 16 / 20-day EMA
  • SUP 2: 4430.43 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 traded higher yesterday, before pulling back. The outlook remains bullish. A strong rally on Nov 14 resulted in the break of a trendline drawn from the Jul 27 high. This breach and the subsequent rally, reinforces bullish conditions and opens 4597.50, the Sep 1 high. MA studies are in a bull-mode position highlighting an uptrend. Initial firm support is seen at 4481.71, the 20-day EMA.

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