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E-MINI S&P TECHS: (Z3) Correction Extends

EQUITY TECHS
  • RES 4: 4455.75 Trendline resistance drawn from the Jul 27 high
  • RES 3: 4430.50 High Oct 12
  • RES 2: 4355.36 50-day EMA
  • RES 1: 4298.00 Intraday high
  • PRICE: 4293.50 @ 13:27 GMT Nov 2
  • SUP 1: 4191.25/4122.25 Low NOv 1 / Low Oct 27 and the bear trigger
  • SUP 2: 4100.00 Round number support 4124.19
  • SUP 3: 4090.35 1.764 proj of the Jul 27 - Aug 18 - Sep 1 price swing
  • SUP 4: 4049.00 Low Mar 28

S&P e-minis are trading higher today as the contract extends the recovery from the Oct 27 low. The latest climb still appears to be a correction, however, price is through the 20-day EMA, at 4276.29. The clear break of this average suggests scope for a stronger short-term recovery, perhaps towards the 50-day EMA at 4355.36. Key support and the bear trigger has been defined at 4122.25, the Oct 27 low.

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