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E-MINI S&P (Z2): Bull Flag Formation

  • RES 4: 4175.00 High Sep 13 and a key resistance
  • RES 3: 4146.63 76.4% retracement of the Aug 16 - Oct 13 downleg
  • RES 2: 4100.00 Round number resistance
  • RES 1: 4050.75 High Nov 15
  • PRICE: 3978.25 @ 14:00 GMT Nov 22
  • SUP 1: 3865.69 50-day EMA
  • SUP 2: 3750.00 Low Nov 9
  • SUP 3: 3704.25 Low Nov 3 and key short-term support
  • SUP 4: 3641.50 Low Oct 21

The S&P E-Minis outlook remains bullish. Recent consolidation in the daily chart appears to be a bull flag formation - a continuation pattern. This reinforces a bull theme. Furthermore, recent gains resulted in a break of 3928.00, Nov 1 high, establishing a positive price sequence of higher highs and higher lows. The focus is on 4100.00 next. Initial firm support lies at 3865.69, the 50-day EMA.

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