November 16, 2022 14:36 GMT
E-MINI S&P (Z2): Bulls Remain In The Driver’s Seat
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
- PRICE: 3981.75 @ 14:25 GMT Nov 16
- SUP 1: 3848.65 50-day EMA
- SUP 2: 3750.00 Low Nov 9
- SUP 3: 3704.25 Low Nov3 and key short-term support
- SUP 4: 3641.50 Low Oct 21
S&P E-Minis remains bullish and the contract is holding on to the bulk of its recent gains. A bullish theme follows last week’s strong gains that resulted in a break of resistance at 3928.00, Nov 1 high. This strengthens a short-term bullish condition and price has established a sequence of higher highs and higher lows on the daily scale. The focus is on 4100.00 next. On the downside, key short-term support is at 3704.25, the Nov 3 low.
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