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E-MINI S&P (Z1): Remains Below Monday's High

EQUITY TECHS
  • RES 4: 4842.75 2.00 proj of Jul 19 - Aug 16 - 19 price swing
  • RES 1: 4800.00 Round number resistance
  • RES 2: 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
  • PRICE: 4689.75 @ 06:51 GMT Nov 24
  • SUP 1: 4625.25 Low Nov 10
  • SUP 2: 4556.96/4543.75 50-day EMA / Low Oct 27
  • SUP 3: 4472.00 High Sep 27
  • SUP 4: 4317.25/4260.00 Low Oct 12 / Low Oct 1 and the bear trigger

S&P E-minis failed to hold onto Monday's high of 4740.50. The reversal lower highlights a bearish candle formation - a shooting star. Yesterday's initial extension reinforces the bearish nature of the candle pattern and exposes support at 4625.25, the Nov 10 low. A break of this support would signal scope for a deeper pullback towards the 50-day EMA at 4555.96. On the upside, clearance of 4740.50 would reinstate a bullish theme.

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