November 28, 2022 14:42 GMT
E-MINI S&P (Z2): Bullish Trend Structure
EQUITY TECHS
- 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 and the bull trigger
- PRICE: 4006.00 @ 14:31 GMT Nov 28
- SUP 1: 3924.36/3883.77 20- and 50-day EMA values
- 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 and last week’s gains have reinforced this theme. The latest pullback is considered corrective. Furthermore, recent consolidation in the daily chart appears to be a flag formation - a bullish continuation pattern. The contract has recently breached 3928.00, Nov 1 high, establishing a positive price sequence of higher highs and higher lows. The focus is on 4100.00 next. Firm support lies at 3883.77.
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