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E-MINI S&P (Z2): Pullback Considered Corrective

EQUITY TECHS
  • RES 4: 4100.00 Round number resistance
  • RES 3: 4023.44 61.8% retracement of the Aug 16 - Oct 13 downleg
  • RES 2: 3981.25 High Sep 14
  • RES 1: 3928.00 High Nov 1
  • PRICE: 3773.25 @ 06:53 GMT Nov 3
  • SUP 1: 3736.50/3641.50 Low Oct 24 / 21
  • SUP 2: 3590.50/3502.00 Low Oct 17 / 13 and the bear trigger
  • SUP 3: 3491.13 50.0% retracement of the 2020 - 2022 bull cycle
  • SUP 4: 3453.78 1.618 proj of the Aug 16 - Sep 7 - 13 price swing

S&P E-Minis traded lower Wednesday, extending the pullback from 3928.00, the Nov 1 high. Despite the latest retracement, a bull cycle remains in play following the recovery from 3502.00, the Oct 13 low. A resumption of gains would refocus attention on 3502.00, where a break would confirm the bull theme and open 3981.25, the Sep 14 high. Key short-term support has been defined at 3641.50, the Oct 21 low. Initial firm support to watch is at 3736.50.

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