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E-MINI S&P (Z2): Corrective Bull Cycle Still In Play Despite Pullback

  • RES 4: 4023.44 61.8% retracement of the Aug 16 - Oct 13 downleg
  • RES 3: 3923.88 50.0% retracement of the Aug 16 - Oct 13 downleg
  • RES 2: 3833.33 50-day EMA
  • RES 1: 3820.00 High Oct 5 and a bull trigger
  • PRICE: 3669.25 @ 14:30 BST Oct 21
  • SUP 1: 3590.50/3502.00 Low Oct 17 / 13 and the bear trigger
  • SUP 2: 3491.13 50.0% retracement of the 2020 - 2022 bull cycle
  • SUP 3: 3453.78 1.618 proj of the Aug 16 - Sep 7 - 13 price swing
  • SUP 4: 3388.70 1.764 proj of the Aug 16 - Sep 7 - 13 price swing

Despite the latest pullback, S&P E-Minis maintain a firmer short-term tone. A bullish theme follows the reversal from 3502.00, the Oct 13 low. The recovery suggests the contract has entered a corrective phase and if correct, this is allowing an oversold trend condition to unwind. Attention is on resistance at 3820.00, the Oct 5 high and a bull trigger. Key support is unchanged at 3502.00. Initial support is at 3590.50, the Oct 17 low.

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