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E-MINI S&P TECHS: (Z3) Bulls Remain In The Driver’s Seat

EQUITY TECHS
  • RES 4: 4597.50 High Sep and a key resistance
  • RES 3: 4566.00 High Sep 15
  • RES 2: 4552.38 76.4% retracement of the Jul 27 - Oct 27 bear leg
  • RES 1: 4508.00 High Sep 20
  • PRICE: 4489.75 @ 14:35 GMT Nov 14
  • SUP 1: 4341.05 20-day EMA
  • SUP 2: 4257.75/4122.25 Low Nov 3 / Low Oct 27 and the bear trigger
  • SUP 3: 4100.00 Round number support 4124.19
  • SUP 4: 4090.35 1.764 proj of the Jul 27 - Aug 18 - Sep 1 price swing

S&P e-minis maintain a firmer tone and the contract has traded higher today, extending the current bull cycle. Resistance at 4425.38, a trendline drawn from the Jul 27 high, has been cleared. This reinforces bullish conditions and signals scope for gains above 4500.00 towards 4552.38, a Fibonacci retracement. On the downside, initial firm support is 4341.05, the 20-day EMA.

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