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

  • RES 4: 4566.00 High Sep 15
  • RES 3: 4508.00 High Sep 20
  • RES 2: 4470.18 61.8% retracement of the Jul 27 - Oct 27 bear leg
  • RES 1: 4435.50 High Nov 10
  • PRICE: 4416.25 @ 07:18 GMT Nov 13
  • SUP 1: 4332.18 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 short-term tone and the contract traded to a fresh short-term high on Friday. This reinforces bullish conditions and has also resulted in a test of trendline resistance at 4428.75. The trendline is drawn from the Jul 27 high and a clear break of it would strengthen current bullish conditions. This would open 4470.18, a Fibonacci retracement. Initial firm support lies at 4332.18, the 20-day EMA.

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