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E-MINI S&P (Z1): Rally Extends

EQUITY TECHS
  • RES 4: 4783.40 1.764 proj of Jul 19 - Aug 16 - 19 price swing
  • RES 1: 4740.50/46.68 High Nov 22 / 1.618 of Jul 19-Aug 16-19 swing
  • RES 2: 4717.00 High Nov 26
  • RES 1: 4681.85 76.4% retracement of the Nov 22 - Dec 3 downleg
  • PRICE: 4675.50 @ 15:04 GMT Dec 7
  • SUP 1: 4587.25 Intraday low
  • SUP 2: 4492.00 Low Dec 3
  • SUP 3: 4443.55 61.8% retracement of the Oct 1 - Nov 22 rally
  • SUP 4: 4373.40 76.4% retracement of the Oct 1 - Nov 22 rally

Bearish pressure in the S&P E-minis has eased significantly and the contract has rallied sharply higher today. Futures are once again back above the 50-day EMA, at 4610.59 today. This average highlights a pivot area and a stronger recovery through it would improve conditions for bulls. The focus is on 4681.85 next, a Fibonacci retracement. Key support and the bear trigger is at 4492.00, the Dec 3 low.

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