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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: 4541.25 High Nov 15
  • PRICE: 4530.50 @ 14:32 GMT Nov 20
  • SUP 1: 4420.25/4400.39 Low Nov 14 / 20-day EMA
  • SUP 2: 4354.25 Low Nov 10
  • SUP 3: 4257.75 Low Nov 3
  • SUP 4: 4122.25 Low Oct 27 and the bear trigger

S&P e-minis are unchanged and maintain a firmer tone. The contract traded sharply higher last Tuesday and is holding on to its recent gains. Resistance at 4411.88, a trendline drawn from the Jul 27 high, has been cleared. This reinforces bullish conditions and signals scope for a climb towards 4552.38, a Fibonacci retracement. On the downside, initial firm support is seen at 4400.39, the 20-day EMA.

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