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

EQUITY TECHS
  • RES 4: 4234.25 High Aug 26
  • RES 3: 4175.00 High Sep 13 and a key resistance
  • RES 2: 4146.63 76.4% retracement of the Aug 16 - Oct 13 downleg
  • RES 1: 4110.00 High Dec 1
  • PRICE: 4003.25 @ 06:57 GMT Dec 6
  • SUP 1: 3973.29 20-day EMA
  • SUP 2: 3915.10/3912.50 50-day EMA values / Low Nov 17
  • SUP 3: 3750.00 Low Nov 9
  • SUP 4: 3704.25 Low Nov 3 and key short-term support

S&P E-Minis remain in an uptrend and short-term pull backs are considered corrective - for now. Gains last week resulted in a break of resistance at 4050.75, the Nov 15 high. This confirms a resumption of the uptrend and marks an extension of the price sequence of higher highs and higher lows. Sights are on 4146.63, a Fibonacci retracement. On the downside, key short-term support has been defined at 3912.50, the Nov 17 low.

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